Oman's National Gas buys LPG for export
Deal was signed with Oman Trading International
Oman's National Gas Company has signed an agreement with Oman Trading International (OTI) for the purchase of liquified petroleum gas (LPG), Muscat Daily reports.
The LPG will be used for export outside the Sultanate, the company said in a filing with the Muscat Securities Market (MSM) on Thursday.
It also said that quantities would be entirely based on availability, adding, "There is no guarantee of any minimum supplies. Continued supply, if available, would impact the company positively."
The net profit of Natural Gas's parent company for the first half of 2015 was up 6% compared to the same period last year. However, net profit at a group level attributable to the company's shareholders fell nearly 7.8%.
Group revenue declined to $91.29mn in the first half of 2015 compared with $133.9mn for the same period a year ago. However, the group's direct costs fell to $80.8mn from $126mn.
"Though gross revenues for the parent company as well as the group show a decline over the same period last year, it is primarily due to the steep decline in the international Saudi Aramco gas prices, the benchmark followed for purchases and sales for LPG in the international markets. This effectively resulted in lower purchase cost and sale revenue without affecting the profit margins for the company," the company said.