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In 2003, Oman Oil Marketing Company (Oman Oil) was founded. [4] Oman Trading International, a trading division, was established in 2006. [4] Oman Refineries and Petrochemicals Co. was created in 2007 with the merger of Oman Refinery Company and Sohar Refinery Company. [4] In 2009, Oman Oil Company Exploration & Production was founded. [4]
The company was incorporated as a joint venture between Bharat Petroleum Corporation (BPCL) and Oman Oil Company Ltd (now OQ). Since 2021, it is a wholly owned subsidiary of BPCL. The Bina Refinery was commissioned in 11 May 2011 with an annual capacity of 6 million tonnes. The capacity of the refinery was further enhanced to 7.8 million tonnes ...
A geological survey of the country in 1925 by the D'Arcy Exploration Company found no conclusive evidence of oil. Twelve years later, when American geologists began intensively searching for oil in neighboring Saudi Arabia, Sultan Said bin Taimur granted a 75-year concession for central Oman to the Iraq Petroleum Company (IPC), and a separate concession for the province of Dhofar.
Petroleum Development Oman (PDO) is based at Mina al Fahal, and the Oman Refinery Company (ORC) has a 104,000 b/d oil refinery located here. Crude oil and refinery products are loaded onto tankers off Mina Al Fahal by subsea pipeline and SBM (Single Buoy Mooring) Systems. Two of the SBMs are owned by PDO for crude export and the third is owned ...
The companies origins lie within the Oman Refinery Company, of which Al-Maha has been a part of since before 1993. The company was established as a fully government-owned entity. ABS Lubricants Company (UAE) bought a 35% stake in Al-Maha in 1999, with 65% remaining with the government of the Sultanate of Oman. [5]
Oman Oil Marketing Company SAOG (OOMCO) is an Omani fuel marketing company. OOMCO is involved in the marketing and distribution of fuel and lubricant products and operates in the sectors of Fuel Retailing, Direct fuel sales to Government and the Commercial sector, Lubricants, Aviation Refueling and Storage and Distribution.
Duqm Refinery is an oil refinery at the port town of Duqm in central-eastern Oman, and is expected to have a capacity of 230,000 barrels per day.It is owned and operated by OQ8, a joint venture between OQ, a subsidiary of the Government of Oman, and Kuwait Petroleum International, a subsidiary of Kuwait Petroleum Corporation.
By regional standards, Oman has a relatively diversified economy, but remains dependent on oil exports. Tourism is the fastest-growing industry in Oman. Other sources of income, agriculture and industry, are small in comparison and account for less than 1% of the country's exports, but diversification is seen as a priority by the government.
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