National Gas & Industrialization Co.’s (GASCO) board of directors approved on Monday several capital projects worth SAR 330 million to boost production and services, the company said in a statement to the Saudi bourse.
GASCO plans to spend SAR 100 million to increase the storage capacity of liquefied oil at its Riyadh plant by 300 percent to 12,600 cubic meters from 3,400 cubic meters.
The company will also upgrade the security systems at its branches for SAR 55 million.
A sum of SAR 175 million will be used to increase its fleet of trucks and tankers and upgrade the information technology systems.
Details on the projects’ timeframe and their relevant financial impact will be made public later, it said.
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