As reported in a stock exchange release, Saudi Arabia’s National Gas and Industrialization Company (GASCO) has signed a non-binding Memorandum of Understanding (MoU) with Front End Company and Aburi Composites to investigate the viability of creating and running a composite cylinder manufacturing facility.
Front End Company is a Saudi Arabia-based provider of financial consulting services, while Aburi is an international producer of composite LPG cylinders with headquarters in the UK.
According to the statement released by GASCO, this action will enable the company, which is listed on Tadawul, to enhance its investments in the gas supply chain and localization potential. The one-year term of the MoU may be extended with the approval of both parties.
Earlier this year, GASCO also signed a MoU with the Denmark based firm- Makeen Energy in order to examine the viability of establishing a firm to construct, manage, operate, and maintain gas facilities, stations, and networks. As per this MoU, the newly established company will work to producing oil products from plastic waste.