National Gas & Industrialization Co. (GASCO) on Thursday signed an agreement worth SAR 59.3 million with its 37.57 percent-owned affiliate, Saudi Gas Cylinder Factory, to manufacture cylinders and gas tanks.
Under the deal, GASCO has the right to increase annual volumes to 20 percent maximum of the agreed quantity, the company said in a statement to Tadawul on Sunday.
Financial impact of the deal is expected to appear on GASCO’s results during the course of the agreement.
GASCO board member Sattam Amer Alharbi is also a board member of the Saudi Gas Cylinder Factory, but the agreement was not given any preferential treatment, the statement said.
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