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Oman Oil Company (OOC) will enter its first Omani mining project by buying into the Yanqul copper mine development with private firm Mawarid Mining and state-owned Oman Mining Company (OMC). OOC has signed a preliminary agreement to take 41% equity in the mine, in Al-Dhahira governorate. Mawarid will hold 49% and OMC 10%. OOC says Yanqul will “support metal-based industrial projects in Oman and further support OOC’s diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors.”
OOC has 10 comparatively modest upstream assets in Oman and Kazakhstan and is 70% equity holder in the Oman Trading International (OTI) joint venture with Swiss-registered trader Vitol. OTI sells 8mn tons/year of crude, 5mn t/y of refined products and 2.9mn t/y of petrochemicals. (CONTINUED - 283 WORDS)