Dr Mohammed bin Hamad al- Rumhi, Minister of Oil and Gas and Chairman of Oman Oil Company (OOC) said in a statement to Oman News Agency (ONA) that the company and its subsidiaries play a key role in the national economy and contributes by 4 per cent to the GDP.

He was speaking in a press interview that was attended by Eng Esam bin Saud al- Zadjali, CEO of OOC that Oman Oil Company. Dr Rumhi stated that OOC is keen on diversifying its investment portfolio by distributing its investments on a number of energy related sectors starting from the upper stream and down stream industries.

He affirmed that the company’s investments contribute to developing and flourishing a number of industries in the different governorates. It also invests in a number of vital economic projects in the Special Economic Zone in Duqm (SEZD), which has become a key destination for the company operations and contributed to making the Sultanate a regional economic and industrial hub.

Eng. Al- Zadjali said that the value of OOC local investments stood at RO9.4 billion or 63 per cent of the total investments in 2013 compared to $3 billion worth investments distributed onto 15 countries mostly in Europe.

He added that the company, which posted $200 million profits in 2015, as per the unaudited accounts, considers acquiring some government assets related to gas projects including gas pipelines, which cost between $800 million to $1 billion. “Meetings will be held with relevant authorities to identify the assets and the suitable tariffs to manage their operations,” he stated.

‘The company manages more than 40 investments that cover many energy related sectors. It also implements projects that diversify the national economy and generate fresh job opportunities. It enhances its sustainable investment plan based on the company’s current assets and development projects within its endeavours to enhance the in-country-value and benefit from the Sultanate’s strategic location,” he added.

Dr Rumhi said that the value of investments at the planned projects by the company in Duqm stands at $15 billion as Duqm is expected to become a regional hub for steel and refinery industries, as well as for oil products and petrochemical stores.

‘The company board approved a proposal to establish a petrochemical complex which includes besides Duqm Refinery a number of industries associated with it. The company, which intends to attract local and foreign investors to these projects, will organize a tour in the Asian countries,” he revealed.

He also went on to stress that there are positive indications and interest from Gulf and foreign investment companies to invest in the complex.

Regarding employment and Omanisation in the company, he said that OOC is seeking, through its economic projects in various parts of the Sultanate to accommodate many nationals as part of their workforce to contribute to the support of sustainable development efforts, adding that the number of employees until December 2015 were about 8116 employees with 76.5 per cent Omanisation, and the group seeks to build and strengthen the capacity of workers in its companies, through training and the development of the efficiency of national cadres and enable them to gain the necessary leadership skills to prepare them to take responsibility of executive and leadership positions, as there is about 57 per cent vacant positions for Omanis in the senior management.

He noted in this regard that the company will work to establish a joint institute between Takatuf Oman and Petrofac that aims to provide technical and vocational training for graduates of general diploma in order to meet the requirements and needs of the labour market. The establishment of the institute will cost more than $25 million and it will be located in the Wilayat of Manah.

He added that OOC will also establish an institute for competence development, a joint venture between Takatuf Oman and Schlumberger, which aims to enhance the technical skills of the national workforce in the exploration and production techniques of the petroleum industry in the Sultanate and provide long-term professional and developmental programs for technicians in the field of oil. He explained that the cost of the institute will be around $20 million and it will be established in the Innovation Complex.

To a question about the company’s role in the field of social responsibility and local value added to the OOC, Eng Essam al- Zadjali explained that the company believes in the importance of providing added value for Omani youth in the areas of training to be creative and take the initiative.

Oman Oil Company is seeking to harmonize initiatives and programs of social responsibility with national development priorities to support local value added initiatives, which include the provision of training, rehabilitation and development opportunities of Omani youth and to support them to run the small and medium enterprises.

He said that it is out of this spirit that the company was keen to invest in the development of skills of young people in the belief about the need to hone and develop their skills, which in turn will help in the establishment of emerging and successful projects that contribute to the prosperity of the economy of the Sultanate and fulfill its responsibilities and social obligations to the community. He added that the company allocates 3 per cent of its annual profits to community support, noting that the company has invested more than RO3 million in support of the Omani society and the implementation of sustainable initiatives to serve the society in 2015.