OOC Seeks Copper To Mirror Petchem Synergy

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)