Oman Oil turns into integrated energy company
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Oman Oil Company (OOC), the wholly government-owned energy and strategic investment arm, says it will continue to pursue partnerships with leading international oil companies (IOCs) in its upstream business as part of its evolution into an integrated energy enterprise.
According to the company’s chief executive officer, high-profile partnerships unveiled in recent months with energy giants such as Shell and ENI are in line with this trend.
“Oman Oil Company is converging towards the concept of an integrated oil and gas company and that’s our vision,” said Isam al Zadjali, CEO. “We are at the moment consolidating all our assets under that vision. Part of this vision is to partner with international oil companies (IOCs) with experience, technical knowhow and the financial sources, and we are selectively choosing our partners. This trend will continue whereby we will not continue with any upst
Duqm to be the main pillar of Oman’s economy
Saleh Al Shaibany SHARE
SALEH AL SHAIBANY - saleh shaibani@yahoo.com - The now sprawling town of Duqm is spearheading the diversification of the Omani economy away from the reliance of oil revenues with new multi-million rial projects.
The government is revamping its ports infrastructure from Muscat to Duqm, Suhar and Salalah, to adapt them for tourism but more importantly to increase industrial production and exports, and to exploit the country’s strategic location to create a hub for international shipping. Regional powers such as China and India are interested in establishing commercial and strategic footholds in the free ports, and Oman aims to capitalise on what it hopes will be economic integration into the world markets.
REFINERY NEWS ROUNDUP: Mixed run rates in Asia-Pacific
The BPCL Mumbai refinery on the west coast of India is currently running at full capacity even as partial lockdown has been introduced in many parts of the western region. It recorded a 118% run rate in March compared with 116% a year ago, while the run rate for 2019-20 (April-March) was 95%, compared with 115% in 2019-20, reflecting the impact of lockdown in 2020.
However, India’s Reliance Industries Ltd. in March ran at 84% at its two refineries at the Jamnagar integrated refinery complex, down from 96% a year earlier, with overall runs still to attain pre-pandemic levels. In March, the domestic refinery ran at 101%, compared with 108% a year earlier, while the export-focused refinery ran at 69%, from 84% in the year-ago month.
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UPDATE 1-Oman s oil firm OQ raises $750 million with 7-year bonds Reuters 7 hrs ago
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By Yousef Saba
DUBAI, April 28 (Reuters) - OQ, formerly Oman Oil Company, on Wednesday sold $750 million in seven-year bonds at 5.125%, a document showed, the latest in a string of Gulf energy companies raising cash via the debt markets.
The yield was tightened from initial guidance of around 5.625% after receiving more than $4.5 billion in orders for the debt sale, the document from one of the banks on the deal showed.
Citi, HSBC, JPMorgan, First Abu Dhabi Bank, MUFG, Natixis, SMBC Nikko and Societe Generale arranged the deal.