• New board is part of restructuring
  • State-owned group to focus more on Duqm
  • Also considering privatising subsidiaries

Oman Oil Company (OOC) has announced a new board of directors led by the sultanate’s Oil and Gas Minister Hamad al-Rumhy, the the state-owned investment group announced.

The new board includes representatives of the government and the private sector.

Darwish al-Muharbi, undersecretary for administrative and financial Affairs at the Health Ministry, has been appointed vice chairman of the board. Khalil al-Khonji, Abdullah al-Lamki, Salaam al-Shaksy and Sayyida al-Said have also been appointed as members.

“The appointment of new board members includes four representatives of the private sector who between them hold substantial investment, economic and financial experience,” the company said in a statement.

“The new board expressed their thanks to the former board members and affirmed its commitment to driving further success for the company and continued support of the Sultanate`s efforts to diversify the national economy as well as fostering and building human capital,” it added.

OOC’s CEO Issam al-Zadjali told reporters earlier in May that the company would announce a new structure with more focus on Duqm – the central port where OCC is investing in a new refinery and other projects – managing international assets and privatising some of its subsidiaries.

Al-Zadjali was appointed CEO in August 2014 after the previous head was jailed in a corruption crackdown.

In February 2014, Ahmad al-Wahaibi was sentenced to 23 years in jail for accepting bribes, abuse of office and money laundering. This was the most severe sentence handed out in a series of corruption trials in Oman’s oil and gas sector.

OOC has more than 40 investments in 15 countries with domestic projects including a new refinery and petrochemicals project at the central port of Duqm.

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