GASCO Chairman Abdulaziz Al-Khayyal Dies, No Successor Named

National Gas and Industrialization Holding Co. (GASCO, 4250.SA) said Chairman Abdulaziz Al-Khayyal has died. The company did not disclose a cause or his age.

Al-Khayyal was appointed to the board in December 2019 and had served as chairman for more than six years, the company said in a bourse filing. Before joining GASCO, he held senior roles at Saudi Aramco and within the Saudi government.

The company operates two large gas fractionation plants in Jubail and Yanbu that process natural gas liquids for export. It also holds stakes in several downstream petrochemical ventures.

GASCO said a successor would be announced in due course. No interim chairman was named. The board will need to appoint a replacement, likely at its next scheduled meeting.

Shares have not traded since the announcement, which came after the close of the Riyadh market. The stock is down about 8% over the past 12 months, roughly tracking the broader Saudi petrochemical sector.

The filing did not include guidance on dividend policy or capital allocation changes. GASCO typically pays a semi-annual dividend, with the next payment scheduled for September.

The company's chief executive remains in place. Day-to-day operations are not expected to be disrupted.

Riyad Capital analysts said the death does not change the company's operational outlook, though the leadership transition could slow decision-making on new projects until a replacement is confirmed. The brokerage did not assign a target price.

The timing of the successor announcement could affect sentiment toward the stock in the near term. The company said it would communicate the succession plan through a separate filing.