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Wed 10 Nov 2010 03:08 PM

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Sharjah establishes state-owned oil company

Sharjah National Oil Corporation will take over government share of Saja field concession

Sharjah establishes state-owned oil company
OILFIELD TAKEOVER: Sharjahs government has established Sharjah National Oil Corporation, which will take over the Saja field concession (Getty Images)

Sharjah, the third largest emirate in the UAE, on Wednesday announced the establishment of a state-owned oil company to take over its share in the Saja field concession.

Sharjah National Oil Corporation (SNOC) will be government-owned, but will have financial independence and operate commercially, according to an emiri decree laid out by HH Sheikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah.

The company will be headquartered in Sharjah, but will eye investments in firms and facilities with similar commercial goals, the decree said.

Its remit will include exploration, discovery, extraction and engineering operations and construction.

SNOC will be chaired by Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, with Waleed Rashid bin Demas, secretary general of the Sharjah Oil Council, appointed as executive director.

 

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