The agreement was signed by Hilal bin Hamad al Hasani, CEO of Madayn, with Engineer Mansour bin Ali al Abdali, Vice President of OQ Gas Networks.
The agreement provides for the transfer of ownership and operations of Madayn’s gas distribution networks to wholly state-owned OQ Gas Networks.
The asset transfer agreement is in line with principles set out in Oman’s Vision 2040 recommending the optimal use of national resources and assets to support economic development effectively and cost-competitively.
OQ Gas Networks oversees a massive gas grid that includes more than 4,000 kilometres of pipelines channelling natural gas from a number of production fields to main distribution lines that supply a large number of consumers.
Around 98 industrial companies operating within the industrial cities of Sur, Suhar, Rusayl, Nizwa and Raysut currently receive gas via networks initially built by Madayn for the benefit of investors. Having now acquired these networks, OQ Gas Networks will not take on this responsibility of supplying gas to the industrial cities.
Hilal bin Hamad al Hasani, CEO of Madayn, said the transfer of its assets to OQ Gas Networks will help in the standardisation of supply and services to industrial consumers operating within its industrial parks.
Mansour bin Ali al Abdali, Vice President of OQ Gas Networks, stressed the importance of strategic cooperation with government agencies to ensure efficient delivery of gas and optimal utilisation of natural gas resources. (With inputs from ONA)
Optimisation: Networks supplying gas to five industrial cities to pass into the hands of Oman’s state-owned gas grid operator
Source Link: www.omanobserver.om