It is good to see Oman Oil Marketing Company (OOMCO) expand into nearby markets since it has done so in accordance with a defined strategy and properly considered, actionable strategies.
It's a solid move in the appropriate and honest investment path to start expanding in the markets of the Kingdom of Saudi Arabia and opening petrol stations under the name of OOMCO. We are extremely pleased with this move because it has great significance in terms of reflecting Omani brands abroad and promoting the Sultanate of Oman in other countries, in addition to the fact that entering these markets helps this entire national company achieve financial sustainability, growth, and development and opens up new opportunities for it. We are pleased with the results of this launch on every level.
Without a doubt, Oman Oil Marketing Company is seeing significant growth. After the shares of BP of Oman were sold, it was founded in 2003. OQ controls 49% of the shares of OOMCO, while 51% are held by various governmental bodies, pension funds and stockholders. This demonstrates the company's vision in realising that the local market, in which it holds a 40% share — thanks to great network of petrol stations in Oman — would not enough.
As a result, OOMCO kept growing in international markets that are seeing stable expansion, including the Kingdom of Saudi Arabia. According to a plan, the first of its type for oil derivatives marketing firms, there should be 26 OOMCO stations in Saudi Arabia by the end of 2023.
By working constructively with the Saudi Excellence Co to delve into the depths of the Kingdom's markets and its investment potentials that are supported by the Kingdom's vision, this step also came to increase the presence of Omani goods and businesses in this sector and free competition in the Saudi market, one of the largest markets in the region.
The growth Oman Oil Marketing Company is experiencing, both in terms of quantity and quality, is a reflection of a clear strategy developed by the company's board of directors and executive management regarding how to advance the oil derivatives industry and how to double its contribution through numerous expansion plans in foreign markets and qualitative business development. The company started to develop a company to electric vehicle charging and conducted experimental steps in this direction in conjunction with Synergy Investment LLC in light of the quantitative and qualitative expansion to invade new global markets. In addition to forming relationships with airlines to supply them with fuel and satisfy their demands, this is done to grow in the areas of alternative energy and leadership in the market for electric vehicle charging stations.
Inevitably the growth of Omani businesses must continue to be a top priority for all businesses that are able to do so due to its critical role in supporting and solidifying the idea of diversifying income sources and promoting Omani brands. This pattern also illustrates Omani businesses' faith in the excellence of their offerings in an effort to win over clients from other nations. The phrase 'survival of the fittest' dominates the scene at this precise time, and the contestants compete within the parameters of a brutal market.
We hope that the Oman Oil Marketing Company's attempts to expand in international markets will be successful, that it will maintain this strategy over the next phase, and that all Omani businesses will follow suit in a world that has shrunk to the size of a tiny hamlet. These actions are crucial in fostering growth and development and supporting our national economy within the context of an established strategy of income diversification.
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