Part of Oman Oil Refineries and Petroleum Industries Co (ORPIC) may be sold off to private owners, Reuters has reported.
The news came from Oman’s oil minister, Mohammad bin Hamad al-Rumhi, who said the sultanate might privatise Orpic in response to falling oil prices.
Earlier this month the finance ministry predicted a record high deficit and said privatisations would be carried out in the next three years to raise money.
Rumhi was quoted by Oman’s Azzamn newspaper on Sunday as saying ORPIC, which runs oil refineries at Sohar and Muscat was one likely privatisation target.
“There is a plan to privatise 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 percent of the company to the public.”
Rumhy also said that Oman Oil Co, the sultanate’s energy investment arm, might sell shares in exploration and production company Abraj Energy Services, which currently operates 11 land oil rigs.
“The 10-year-old company is generating good profits. The plan is to offer the company to the public during 2015,” he said.
