National Gas and Industrialization Co. (GASCO) agreed with the National Shipping Company of Saudi Arabia (Bahri) to terminate the memorandum of understanding (MoU) previously signed to explore ways of co-establishing a company operating in road transport and logistics services.
The decision was made due to the move’s infeasibility for both parties after conducting the necessary studies, according to two separate statements to Tadawul on May 26.
This termination has no significant financial impact, the statements added.
According to data available on Argaam, the two companies signed a non-binding MoU in October 2022 to cooperate in co-establishing the company. In October 2023, the MoU was extended for one year.