Oman Oil Company and Orpic to merge

Oman Oil Company and Orpic to merge
Published: 20 November 2018 - 2 a.m.
By: Martin Menachery

The board of directors of Oman Oil Company (OOC) and Orpic announced the appointment of Musab Abdullah Al Mahruqi as the group CEO, effective 2 December 2018.

The same board was appointed to oversee both OOC and Orpic in October 2017 as a first step in integrating OOC’s and Orpic’s managements as well as the management of their assets and businesses.

The shareholders of both companies (Government of Oman) had agreed earlier to the proposal of integrating the downstream businesses of both companies as phase one of the integration initiative with guidelines that integration shall be implemented over several phases taking in to consideration the specifics of each business.

The detailed integration process will be worked out over the coming months. An integrated executive team under the leadership of the group CEO was formed, including Isam Saud Al Zadjali, Ahmed Saleh Al Jahdhami, Talal Hamid Al Awfi, and Salim Sulaiman Al Huthaili.

Dr Mohammed bin Hamed Al Rumy, chairman of both OOC and Orpic, said: “The board believes this integration will create significant value for Oman and provide a solid platform for our ambitious growth plans for the group as well as providing our people more opportunities to develop and grow in this business.”

Al Mahruqi was the CEO of Orpic between 2010 and 2016 and has lead successfully the first large-scale corporate integration in Oman. Since then, Orpic has embarked on an ambitious growth strategy that lead to the implementation of Sohar Refinery Improvement Project (SRIP), Muscat Sohar Product Pipeline (MSPP) and Liwa Plastics Industries Project (LPIC). With over $9bn capital investment in total, SRIP and MSPP were commissioned in 2017, while LPIC is currently under construction with a target to commence production in 2020.

Al Mahruqi had also worked in OOC in various position between 2003 and 2010. In 2008, he was appointed as chief investment officer overlooking the portfolio both inside and outside Oman.

Al Mahruqi holds an MBA from Edinburgh University (2003) and a bachelor’s degree in chemical engineering from Nottingham University (1999). He started his career in Schlumberger as a field engineer in 1999 and worked in both West Africa and Caspian Sea, before joining Oman Oil Company in 2003. Al Mahruqi has operational, technical, commercial and financial background in both upstream and downstream oil and gas sectors that has prepared him well to play his new role as group CEO.

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