Joint Venture23 Sept 2025, 09:11 pm
Gandhar Oil Refinery to Terminate Joint Venture Agreement with ESPE Oils FZC
AI Summary
Gandhar Oil Refinery (India) Ltd, at its Board Meeting held on September 23, 2025, has approved the closure and winding-up of the Joint Venture company formed with ESPE Oils FZC, named Texol Oils FZC. The decision comes due to the joint venture not being beneficial to either party. The agreement is expected to be terminated upon approval from the Registrar.
Key Highlights
- Gandhar Oil Refinery to terminate its Joint Venture Agreement with ESPE Oils FZC
- The Joint Venture company, Texol Oils FZC, will be closed and wound-up
- The decision is due to the joint venture not being beneficial to either party
- The agreement termination is subject to approval from the Registrar
- The joint venture company was formed to operate under Hamriyah Free Zone Authority Sharjah