The Government of Sharjah, in co-ordination with BB Sharjah, signed a 20-year secondary contractor agreement with Ras Al Khaimah Oil Company to create a 34 sqkm area for natural gas exploration.
According to the agreement, RAK Oil Company will excavate natural gas wells in the area and in case of findings, the end product will be treated in new Al Sajaa plant factory that is operated by BB Sharjah.
RAK Oil Company owns 55 per cent and has the operating rights while the Government of Sharjah and BB Sharjah own 27 and 19 per cent, respectively.
BB Sharjah will continue to operate the main exclusivity for the Al Sajaa plant, which is 60 per cent owned by Sharjah Government and 40 per cent by BB Sharjah.
It includes Al Sajaa, Mowaeed and Al Kuhaif plants.