Oman has brought on board US consultancy firm Mckinsey & Company to integrate refining and petrochemical companies it controls into one entity, according to a report.

“The work is being carried out by McKinsey. It is not finished yet,” Reuters quoted a source as saying.

Oman has been considering privatisations of a wide range of state firms for several years.

Last year, Muscat said it planned to sell shares in some state-owned downstream energy companies to the public, partly to raise revenues for the treasury that was strained as a result of low oil prices.

Firms that were being considered for stock listing through initial public offerings included Salalah Methanol Company and a drilling company, according to Omani Oil and Gas Minister Mohammad bin Hamad al-Rumhy.

With smaller oil and financial reserves than its wealthy neighbors, Oman has spent heavily on industrial and infrastructure projects to diversify its economy beyond oil.