MOSCOW (MRC) -- Planning is underway for the privatization of government-owned Oman Oil Refineries and Petrochemical Industries Co. (Orpic), but a schedule has not yet been decided, the Oman Observer quoted Orpic Chief Executive Musab al Mahrouqi as saying, reported GV.
"There have been a couple of announcements by senior government officials that Orpic is on track to be privatized," he said. "We see this as a motivational element for the organization, as well as the parent group (Oman Oil Co.) in general and we are already working to maximize the available capabilities within the company."
The privatization will be in the form of an initial public offering on the Muscat Securities Market.
As MRC informed previously, Orpic has selected LyondellBasell's Spheripol polypropylene process technology for a new 300,000 tpy polypropylene (PP) plant to be built in Sohar, Sultanate of Oman. Start-up of the Liwa plastics project is planned for 2018.
Orpic (Oman Oil Refineries and Petroleum Industries Company) is one of the leading companies in Oman and has two refineries in that country, in Sohar and Muscat. Orpic is owned by the Government of the Sultanate of Oman and Oman Oil Company SAOC, the trading company created by the Government of the Sultanate of Oman for managing investments in the energy sector.
MRC