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FINANCIAL NEWS
Oman mulls privatizing part of ORPIC Refinary
11 Jan 2015
(MENAFN) Oman’s government said that it is considering selling off part of its oil refiner, Oman Oil Refineries and Petroleum Industries Co (ORPIC), in a privatization program as the government tries to find solutions to deal with the global plunge in oil prices, Gulf Business reported
In its 2015 budget, the country’s Finance Ministry projected a record deficit and said that it might carry out some privatizations within the next three years to raise money, though it did not provide any specific details at the time.
ORPIC, which runs oil refineries at Sohar and Muscat as well as aromatics and polypropylene production plants at Sohar and has over 1.600 employee, is a possible target of privatization, adding that Oman Oil Co, the sultanate’s energy investment arm, might also consider selling its shares in Abraj Energy Services, an oil exploration and production firm
“There is a plan to privatize part of ORPIC, which is a big company. We have the initial approval from the ministry of finance. After the expansion plan that concludes in 2016, we might offer 15 to 20 per cent of the company to the public,” Oman’s Oil Ministry said.
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