National Gas Co has signed an agreement with Oman Trading International (OTI) for the purchase of liquefied petroleum gas (LPG) for export outside the sultanate, said the company on Thursday.
National Gas 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."
National Gas recently said the parent company's net profit for the first half of 2015 came in at RO527,863, up six per cent over the same period last year. Net profit at a group level attributable to the company's shareholders, however, fell nearly 7.8 per cent to RO687,566.
Group revenue declined to RO35.14mn in the first half of 2015 compared with RO51.57mn in the same period a year ago. At the same time, the group's direct costs dropped to RO32.11mn from RO48.56mn.
"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," National Gas said.