Abu Dhabi establishes gas and refinery companies

Jun 21, 1999 02:00 AM

Abu Dhabi has established two companies to process oil and gas, each with a capital of $ 135 mm, the official WAM news agency reported.
Abu Dhabi Crown Prince Sheikh Khalifa bin Zayed al-Nahayan issued one decree setting up the gas company, Athir, whose task will be to "process natural gas and distribute it within the federation," and a second similar one, establishing the refining company, Takrir.
According to the decrees, couched in almost identical terms, the Abu Dhabi National Oil Company (ADNOC) will hold 5 mm shares in each of them.
"ADNOC will be able to offer a maximum of 49 % of the shares to the public, but this will be open only to Emiratis," each decree added.
"The life of the company has been set at 100 years renewable, but it can be reduced. The company can also be dissolved ahead of time," the decrees said.
The two companies will both have their headquarters in Abu Dhabi, the capital of the United Arab Emirates.

Source: AFP via Iinoil
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