Muscat, Dec. 29 (BNA): The Omani Ministry of Finance today issued a decision establishing the Integrated Gas Company (IGC) and ratifying its articles of association and financial regulations in accordance with the provisions of Commercial Companies Law No. 18/2019 and its amendments. , and the privatization law issued by Royal Decree No. 51/2019, and Royal Decree No. 80/1998 issuing the Capital Market Law and its amendments, as well as the provisions of the Memorandum of Association and Articles of Association of the company and its internal regulations, the Sultanate of Oman News Agency (ONA) reported.
The Ministry of Finance clarified that the Integrated Gas Company (IGC) is a state-owned company. The ministry added that the intergovernmental committee will act on behalf of the government of the Sultanate of Oman in managing all allocations, assets, rights and obligations for natural gas purchase, sales, transportation, imports and exports, in addition to all related products.
The ministry said the intergovernmental committee is tasked with improving the financial performance of the Sultanate of Oman by removing expenses for purchasing and transporting gas from the state’s general budget, while at the same time transferring net gas revenues to the treasury.
The new company will also work to enhance the efficiency of the gas sector and ensure that producers and consumers abide by the contracts and agreements signed in the gas sector.
It will also implement government policies and plans related to gas prices and quotas for each sector and handle the sale of gas to gas-based industries.
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