OOMC aims to be among top 5 oil marketing firms in GCC
Exploring new investment opportunities, including joint ventures, and plans to grow non-fuel revenue while continuing to invest in human capital
Oman Oil Marketing Co (OOMC) on Tuesday announced a slew of measures to be taken in the next seven years as the company plans to become one of the top five oil marketing firms in the GCC by 2025.
Implementing a forwardthinking strategy, OOMC is exploring new investment opportunities including joint ventures and plans to grow non-fuel revenue while continuing to invest in human capital in order to be part of the top five fuel marketers in the GCC by 2025, David Kalife, CEO of OOMC said while interacting with mediapersons about the company’s planned transformation at Grand Hyatt Muscat on Tuesday.
He said the company is planning to take several measures including enhancing revenue from non-fuel sources, expanding operations in geographical proximities and opening more fuel stations to push growth in the coming years.
On foreign expansion, Kalife said the company would start from Saudi Arabia where they are planning to launch first service station spread over an area of over 9,000sqm and will have number of other facilities including groceries and entertainment.
“The company plans to implement a unique business model that will help build its reputation as the preferred one-stop shop. The plans also include expanding its line of lubricants within Saudi market and beyond the region. Additional countries are also being explored for further expansion opportunities,” Kalife said.
“Our goal is to become the most customer-centric marketer in the GCC while sustainably developing the company’s presence within the fuel industry,” he added.
Kalife said, apart from neigh- bouring countries, which are a natural choice for expansion due to similar consumer behaviours and business models, there are number of African and Asian countries on their radar for future growth.
Besides foreign expansion, OOMC is also looking at enhancing customer experience and efficiency to drive business growth in the sultanate.
“We want customers to visit our stations not just for refuelling but for a whole new experience. And for that we are innovating on a number of aspects,” Kalife said while adding, “Going beyond the pump, OOMC is building a brand that provides more than just fuel. It is creating an unparalleled chain of service hubs that provide access to integrated offerings including shopping, food products and services.”
He highlighted the company’s plans to continuously enhance both customer and shareholder value through expansion and innovation. These plans include: Diversifying the number of revenue streams while conveniently exceeding customer needs to tap into what they want, OOMC’s 2025 plans include a shift to acquire 40 per cent of the local market share, as well as increasing distribution of lubricants and broadening its network of service stations across the sultanate.
Kalife added that OOMC currently has 210 fuel stations across Oman, and it plans to add another 10-15 stations every year. So by 2025, the company will have at least 280 stations.