Oman Oil Company sign new deal

Abu Dhabi's International Petroleum Investment Company (IPIC) and Oman Oil Company (OOC) have signed a memorandum of understanding (MoU) for the potential development of a refinery and petrochemical complex.

The MoU, which covers plans for the port district of Duqm, Oman was signed by Khadem Al Qubaisi, the managing director of IPIC and by Ahmed Al Wahaibi, CEO of OOC, according to reports by ArabianBusiness.

Al Wahaibi told reporters: "The prospect of constructing refinery and petrochemical facilities at Duqm is important, not only for OOC and IPIC, but also for the Sultanate's economy."

He went on to say, "We anticipate commissioning the necessary studies, including important feasibility and marketing analysis for the project in the very near future."

The Duqm refinery and petrochemical complex will play a major role in Oman's plans to diversify and develop the economy, the companies have said.

The Sultanate is currently pushing forward with major infrastructure projects intended to continue to strengthen Oman's reputation as a country of viable investment opportunities.

Al Qubaisi, meanwhile, commented that, "We are delighted to have the opportunity to participate in this project and are excited by the commercial potential of our partnership."

He went on to add, "We see significant synergistic potential between IPIC and Oman Oil, our cooperation will be beneficial for both IPIC and OOC and create social and economic benefits for UAE and Oman."

IPIC was formed by the Abu Dhabi government in 1984, tasked with an ambitious mandate to invest in hydrocarbons industries across the globe, according to the company website.

Oman Oil Company (OOC) is a commercial company wholly owned by the Government of the Sultanate of Oman. According to their website the company was incorporated in 1996 to pursue investment opportunities in the energy sector both inside and outside Oman.

 

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