The government of Oman plans to sell its 65 percent stake in Al-Maha Petroleum Products Marketing Company. The company signed an agreement with the Ministry of Finance last week, confirming the divestment program, reported Times of Oman.
The Sultanate has commissioned the nation’s Al-Mawarid Securities Company to lead and manage the divestment. Al-Maha will become a public firm once the financial services company completes the valuation process. Its shares will be listed on the Muscat Securities Market (MSM).
Al-Maha is the marketing arm of Oman Refinery Company (ORC). Its only other shareholder is Abu Dhabi’s ABS Lubricants, holding a 35 percent stake in the company’s equity. Established in 1982 with an initial throughput capacity of 50,000 barrels per day, the refinery was designed to meet domestic demand for petroleum products. Operated by ORC, the plant produces liquefied petroleum gas (LPG), butane, jet fuel, and two grades of gasoline. — (menareport.com)
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