MUSCAT: The Ministry of Finance today (29TH Dec 2022) issued a decision establishing Integrated Gas Company (IGC) and endorsing its Articles of Association and financial bylaw in accordance with the provisions of Commercial Companies Law No. 18/2019 and its amendments, the Privatization Law promulgated under Royal Decree No. 51/2019, Royal Decree No. 80/1998 promulgating the Capital Market Law and its amendments, as well as the provisions of Memorandum of Association and the Company’s Articles of Association and the bylaw.
The Ministry of Finance explained that Integrated Gas Company (IGC) is a state-owned enterprise. The IGC will act on behalf of the Government of Oman in the management of all allocations, assets, rights and obligations of natural gas purchase, sales, transport, imports and exports, as well as all relevant products, the ministry added.
The ministry said that the IGC is entrusted with improving the fiscal performance of Oman by removing the expenses of gas purchase and transport from the State Budget, while at the same time transferring net gas revenue to the treasury.
The new company will also enhance the efficiency of the gas sector, ensure the adherence of producers and consumers to the contracts and agreements signed in the gas sector. It will also implement the government’s policies and plans related to gas prices and quotas allocated to each sector and undertake the selling of gas to gas-based industries. (ONA)