United Arab Emirates's northern province of Sharjah on Tuesday officially declared setting up of its own oil company, named Sharjah National Oil Corporation (SNOC).
According to an Emiri decree, the new oil company with financial and administrative independence will practice its operations on commercial basis.
SNOC will have a corporate character and full-fledged competence in discharging necessary legal actions to carry out its businesses towards realisation of the aspired goals for which it was set for.
The corporation may open branches inside or outside the emirate of Sharjah.
The decree defines the functions of the corporation in the following specialisations of exploration, discovery, extraction, engineering operations and construction, maintenance, training, transportation, distribution, refining, storage, buying, selling, swapping, production, reception and delivery of hydrocarbon products.
The decree stipulates that the share of the Government of Sharjah in the Saja field concession will be converted to the corporation.
According to an Emiri decree, the new oil company with financial and administrative independence will practice its operations on commercial basis.
SNOC will have a corporate character and full-fledged competence in discharging necessary legal actions to carry out its businesses towards realisation of the aspired goals for which it was set for.
The corporation may open branches inside or outside the emirate of Sharjah.
The decree defines the functions of the corporation in the following specialisations of exploration, discovery, extraction, engineering operations and construction, maintenance, training, transportation, distribution, refining, storage, buying, selling, swapping, production, reception and delivery of hydrocarbon products.
The decree stipulates that the share of the Government of Sharjah in the Saja field concession will be converted to the corporation.
