If Omanis have an organisation of which they can be proud, it is Oman Oil Company (OOC), one of the country’s leading oil firms. Its focus on diversification and investment has helped it become a major player within its sector.
A vital part of the company’s strategy is the focus on sustainable growth when choosing partners. At the moment the firm’s portfolio is comprised of investments across Europe, the Middle East and Asia. In addition to its overseas investments, OOC is one of the leading partners in the local development of the Duqm Economic Zone through initiatives like the planned refinery and petrochemical complex which is expected to be completed in 2017.
OOC is a commercial investment company owned by the government of the Sultanate of Oman. It was incorporated in 1996 to strengthen the country’s efforts to diversify the Omani economy and to promote Omani and foreign private-sector investment.
OOC’s local and international investment covers areas such as exploration and production, metals and refining. Over the years, it has built a strong portfolio of investments and partnerships with global companies, while focusing on its main principles of value creation and knowledge transfer to ensure economic growth in Oman.
Becoming one of the main energy and infrastructure investors in the region is one of the company’s aims. Developing links with the hydrocarbon industry and the fundamentals of investing and portfolio management has also given OOC the edge.
Adding value to Omani oil and gas has been another main theme in the company’s local investments. It has successfully established several projects in the country that diversify the economy and provide additional employment opportunities. Thus far, OOC has already provided 7,000 jobs.
OOC’s projects also help to attract significant foreign direct investment (FDI). The company diversifies investment internationally to generate growth with stable income and attracts global majors to develop projects in Oman. Indeed, FDI constitutes 47% of OOC’s total investments, which are distributed in the GCC countries, Europe and Asia.
OOC has also developed many training and career opportunities.