Logo of Natural Gas Distribution Co. (NGDC)
Natural Gas Distribution Co. (NGDC), which is listed on Nomu-Parallel Market, signed a memorandum of understanding (MoU) with TAQA Arabia to discuss ways of cooperation for entering into a partnership to develop and operate gas transportation services and gas networks.
In a statement to Tadawul, NGDC said the MoU was signed on Sept. 6.
The MoU is in line with NGDC’s expansion plan and its goal of improving and developing the company's profits and finding solutions to enhance its achievements.
The memorandum was signed to open new horizons for cooperation and benefit from various practical experiences in the field of gas and energy, the statement noted.
The duration of the agreement is one year from the date of signing, subject to extension, NGDC said, adding that the financial impact cannot be determined at the present time.
TAQA Arabia is the largest natural gas distribution company in Egypt, as it has one of the largest team specialized in engineering and construction related to natural gas distribution business in order to supervise the distribution activities practiced by the group as well as other projects in several other countries, the statement added.
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