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FINANCIAL NEWS
Oman’s Orpic GDP contribution to hit 8-9 percent in 2018
10 Sep 2015
(MENAFN) Oman Oil Refineries and Petroleum Industries Company (Orpic) predicts to contribute to the economy by 8-9 percent of GDP, or USD6.5 billion, by 2018, when it completes a trio mega projects.
The state-owned national refining and petrochemicals firm has a current contribution of 6 percent as of 2014, equivalent to a GDP Impact annualized value of USD4.2 billion, according to a top official.
The company is investing an estimated USD8 billion in three ‘strategic growth projects’ that will effectively triple the value of its asset base in three years, according to the CEO.
“The results of this independent study not only ascertained Orpic’s current total impact across GDP, employment creation, and trade surplus, but it also identified opportunities for further improvement,” CEO said.
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