GASCO starts construction of SAR 88.7M fiberglass cylinders plant

National Gas and Industrialization Holding Co. (GASCO) started the establishment of a fiberglass cylinders manufacturing plant through Fiber Gas Industrial Co., a subsidiary of Khazeen Co., which is wholly owned by GASCO.

In addition, Fiber Gas Industrial signed a design and execution services agreement with the project's technical partner on March 30, GASCO said in a statement to Tadawul.

The company is currently completing site-related procedures and obtaining the required regulatory approvals and permits from the relevant authorities in preparation for commencing execution works.

GASCO expected the project to have a positive impact on its financial results after the new plant commences operations, likely in Q1 2028.

The project aligns with the company’s strategy to diversify its investment activities and enhance returns. It is executed by ECS Service GmbH, a company specialized in the design and engineering of composite gas cylinders and their production lines, which will be responsible for the engineering and technical work on the project.

There are no related parties to the deal, the statement said.