DRIVING GROWTH

Amid challenging business conditions, Oman Oil Refineries and Petroleum Industries Company (Orpic), one of the largest organisations in the Sultanate and among the most rapidly growing businesses in the Middle East downstream oil and gas industry, has embarked on a bold and ambitious strategic growth plan with a key focus to position itself as a globally competitive downstream business.

Orpic’s strategic plan will increase its asset base by over $9bn and its product portfolio by over four million tonnes/year of fuels and polymers. Orpic’s investments impact Oman’s economy in various ways. The company’s operations and strategic growth projects support GDP growth, increase Oman’s exports, and create job opportunities for the growing workforce through direct, indirect and induced employment.

In a fillip to start-ups, Petroleum Development Oman (PDO) has partnered with Omani investment group Phaze Ventures to set up a new platform to boost local energy start-ups and attract companies from around the world to the Sultanate. The “SparkLabs Energy Accelerator,” to be hosted in Oman, is an intensive six-month programme designed by global business incubator group SparkLabs. The programme offers start-ups funding, co-working space and mentorship to help grow their businesses, and develop cuttingedge products and services for the energy sector.

Meanwhile, developments in economic and industrial activities in various countries of the Middle East region are anticipated to support higher oil demand growth in 2018. Middle East oil demand grew by 0.08 mb/d y-o-y in 2017, with oil demand in 2018 projected to increase at the same level.

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