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FINANCIAL NEWS
Sharjah establishes new oil corporation
10 Nov 2010
(MENAFN) Ruler of Sharjah, Dr Shaikh Sultan Bin Mohammad Al Qasimi, issued an Emiri decree establishing a new entity called Sharjah National Oil Corporation, WAM reported.
The government-owned entity will operate under the supervision of Sharjah’s Oil Council, and is tasked with exploration and prospecting for oil, extraction, operating engineering, construction, maintenance operations, training, transport, distribution, refining, storage, purchase, sale, trade, production, delivery and receipt and compilation of all hydrocarbons and all associated activities.
The corporation will also have the right to invest in institutions, companies and establishments that have the same goals.
To achieve its purposes, the corporation may borrow money from people, representing themselves or legal entities, issue guarantees and give guarantees and invest the corporation’s funds, opening and operating bank accounts, and disposing of any property of the establishment’s assets, explained Al Qasimi.
Shaikh Sultan Bin Ahmad Bin Sultan Al Qasimi was appointed as Chairman of the Sharjah National Oil Corporation in an Emiri decree issued by Shaikh Sultan Bin Mohammad.
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