A decree has been signed, formally merging the Sharjah Liquefaction Gas Company (Shalco), and the Sharjah Oil Company into a new corporation, the Sharjah National Oil Corporation (Snoc), according to Gulf News.
The decree was signed by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.
The SNOC will enjoy financial and administrative autonomy and operate on a commercial basis. It is owned by the government under supervision of the Sharjah Oil Council. The headquarters of the SNOC will be in Sharjah City and branches will be established inside and outside the emirate.