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Bloomberg
The largest Persian Gulf producer that’s not an Opec member is combining state-run oil investment and refining companies to form a business that spans pumping crude and natural gas to processing and trading fuels.
Government-owned Oman Oil Co and Oman Oil Refineries & Petroleum Industries Co (Orpic) named Musab Abdullah Al Mahruqi as chief executive officer of the merged group starting from December 2, a further step in combining their management and operations, according to a joint stat-ement posted on Twitter acc- ount of the refining business.
Merged company will have combined stakes in about 1.1m b/d of refining capacity in Oman, India and Hungary and oil and gas production in Oman’s Orpic has 222k b/d refining capacity. Middle East oil producers are developing and expanding refining and petrochemical capacity to earn more profit from their crude by selling higher-value products. The State companies are developing trading divisions and expanding abroad to secure markets.