Oil and Gas



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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