Oman National Gas builds storage hub in UAE
Sultanate subsidiary consolidates Abu Dhabi growth with 2013 facility
National Gas Company (NGC)has announced that its UAE-based subsidiary has commenced construction of a new storage and logistics hub in Abu Dhabi with Mubadala.
Chairman Abdulla Suleiman Al Harthy revealed to the Oman Daily Observer that NGC Energy FZE now hopes to bring the facility into operation by the third quarter of this year.
“We are in the process of consolidating our position in the UAE by boosting our storage and service capabilities. This will result in operational efficiency, and reinforce our capacity to provide superior reliability to our UAE clientele."
NGC’s turnover at group level surged 84% to $90m in 2012 compared to $49m in 2011. Profit before tax however slumped to $1.26m last year against $3.35m for the previous year – a decline attributed to the “unexpected extraordinary impact of cylinder replacements” as well as finance costs.
The new project underscores NGC’s ongoing attempt to expand geographical focus beyond Oman’s borders to drive greater profitability. During the past year, NGC not only consolidated its position in the UAE, but has also ventured into lucrative Southeast Asian territories such as Malaysia.