National Gas, a publicly traded company listed on the Muscat Stock Exchange (MSX), announced yesterday, October 10, 2023, the completion of the sale of its UAE subsidiary, Arabian Oil LLC.

The transaction was completed on October 9, 2023, following the initial declaration on August 15, 2022.

National Gas stated that the sale will not have any impact on its financials for the current year, as all financial implications were duly recorded in the fiscal year 2022.

The company also said that the divestiture is in line with its strategy to focus on its core business and strengthen its position in the market.

Dr Rachid Majjad, CEO of National Gas, commented on the transaction, saying, “We are pleased to announce the successful completion of the sale of our UAE subsidiary.

This divestiture is part of our ongoing efforts to streamline our operations and focus on our core business. We appreciate the support of our stakeholders and look forward to continuing to grow our business.”