Shura panel hosts OOC chief to learn about challenges

MUSCAT: Majlis Ash’shura’s Economic and Financial Committee on Sunday hosted the CEO of Oman Oil Company (OOC) and some official of the company as part of its study of the reality of the performance of some state-owned companies. Shaikh Khalid bin Hilal al Maawali, Majlis Ash’shura Chairman, presided over the meeting in the presence of Mohammed bin Abu Bakr al Ghassani, Deputy Chairman of Majlis Ash’shura, Dr Saleh bin Said Masan, Head of the Economic and Financial Committee and members of the committee. The company made a presentation on the key companies, such as Oman Oil Exploration and Production, Oman Oil Facilities Development Company, Takamul Investment Company and Oman Oil Duqm Development Company.

The meeting was briefed on the most prominent foreign investment through OOC international investment unit and Oxea. The presentation referred to the investment portfolio and its geographical and sector-wise diversity and the contributions made by the company, which was founded in 1996 to look for investment opportunities in the sectors of oil, gas and energy-related fields at home and abroad. The meeting also touched on topics related to the company and its contributions to the diversification of income sources, provide projects that will boost the Omani economy, in addition to reviewing the most important challenges and obstacles faced by the oil and gas sector in the Sultanate and the attempt to find appropriate solutions to overcome them.

Essam al Zadjali said that the meeting discussed the presentation to restructure the company in particular, in addition to reviewing the challenges for the company, as well as future projects, including Al Duqm Refinery Project and petrochemical project, and the future foreign investments. — ONA