Oman stops its investments in UAE

SANAA, Aug. 15 (YPA) – The Oman National Gas Company has decided to exit its investment operations in the UAE due to a continuous decline in dividend revenues.

According to the Omani newspaper, “Al-Rou’ya”, on Monday, the Company’s decision came as a result of “the unavailability of liquefied petroleum gas supplies from Oman for export and the significant increase in gas surplus in the UAE.

The company confirmed that the decision was taken after closely monitoring market conditions on an annual basis, as no recovery is expected in the market in the short or medium term.

It pointed out that the assessment of the financial impact would be in accordance with International Standard No. 5 on financial reports and non-current assets held for sale and discontinuation of operations.

The company pointed out that the necessary adjustments and adjustments would be made to the book value of the investment in the current quarter ending in September 2022.

Oman’s National Gas Company was established on April 9, 1979, and has been listed on the Muscat Securities Market since January 21, 2002.

AA