National Gas has announced that it has signed a joint venture (JV) and shareholder agreement with Qatar-based Buzwair Industrial Gases Factories for the establishment of a limited liability company.
This new company will carry on the activities of marketing industrial gases and undertake projects involving storage, distribution and filling of industrial gases, as well as the setting up of production facilities.
National Gas will have a 49% share in the joint venture company. This initiative is expected to contribute favourably in increasing the profits of the company in the future, it said in a disclosure notification to the Capital Market Authority (CMA).
Buzwair Industrial Gases Corporation is a member of the well-diversified Buzwair Group, one of the largest industrial houses in the State of Qatar.
The group’s interests span civil engineering, industrial gases production and distribution, LPG distribution, and oil and gas services.
Buzwair produces an extensive range of industrial gases, such as oxygen, nitrogen, argon, carbon dioxide, hydrogen, helium, shielding gases for welding, medical gases, and other special gas mixtures.
Together with partners and associate companies, it also provides services in the field of dry ice and dry ice cleaning application, welding consumable, and welding/cutting.
The deal is the latest in a number of new investments and initiatives launched by the Rusayl-based company to diversify its product and market base.
Last week, National Gas announced that its indirect Malaysian based subsidiary, NGC Energy Sdn Bhd had completed its acquisition of Shell Malaysia’s LPG assets and business in West Malaysia.
It added that NGC Energy had also received all necessary licenses and regulatory approvals to operate the newly acquired business from the relevant authorities in Malaysia, and had commenced commercial operations under its own name with effect from November 8th 2012.