MOSCOW (MRC) -- Oman Oil Co and Oman Oil Refineries and Petroleum Industries Co (ORPRIC) have merged their downstream businesses and appointed a new group chief executive as part of plans to integrate the two companies, reported Reuters with reference to ORPIC's statement posted on its twitter account.
Musab al-Mahruqi will take over as group chief executive effective Dec. 2 and oversee the integration of the management and assets of the two companies, the statement said.
Al-Mahruqi was chief executive of ORPIC between 2010 and 2016 and led Oman’s first large-scale corporate integration between 2010-2012, it said. He earlier worked at Oman Oil.
Reuters reported in May that Oman was working with consultancy McKinsey & Co to integrate its refining and petrochemical companies into one entity, citing a senior Omani official and a financial source.
In recent years, Gulf countries have looked at ways to reform their oil firms, including through privatization, to make them more efficient during a period of low oil prices.
Oman has been considering a wide range of privatizations for several years.
As MRC informed previously, in March 2017, ORPIC announced plans to raise capacity of its polypropylene (PP) plant to 340,000 tpa of high quality PP from 200,000 tpa.
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.