Oman Oil Co (OOC) will announce a new structure later this year and privatise some its companies, according to a senior official, Reuters reports.
Issam al-Zadjali, chief executive of the state-owned company, which owns interests in exploration and production, petrochemicals, power generation and shipping, said that OOC would sell some of its assets by privatising several of its daughter companies, but did not specify which units would be put up for privatisation.
The chief executive added that the company would be focusing more on Duqm, where it is currently building a refinery, and managing its international assets.
He also revealed that OOC would sign a number of agreements with the State General Reserve Fund (SGRF), Oman’s largest sovereign wealth fund, with the first planned to be on joint management of international investments.
“We are looking to co-manage SGRF’s and OOC’s international investments, whether they are in the energy sector or any other sector, through the current SGRF office in Tanzania,” he said.
“In the future, we will be looking into investing in Africa, but not immediately,” Zadjali said without elaborating.
The SGRF opened an office in Dar es Salaam, Tansania in January.
Together with its partners, the company had invested a total of $24.4bn in companies within Oman as of 2013, according to its latest annual report, with 65% of its current investments made within Oman.
