(MENAFN- Muscat Daily) Muscat- The board of directors of Oman Oil Co (OOC) and Oman Oil Refineries and Petroleum Industries Co (Orpic) announced the appointment of Musab Abdullah al Mahruqi as the new group chief executive officer, effective December 2, 2018.
The same board was appointed to oversee both OOC and Orpic in October 2017 as a first step in integrating OOC and Orpic's managements as well as the management of their assets and businesses, according to a press release.
The shareholders of both companies (government of Oman) had agreed earlier to the proposal of integrating the downstream businesses of both companies as phase one of the integration initiative with guidelines that integration shall be implemented over several phases taking into consideration the specifics of each business. The detailed integration process will be worked out and communicated over the coming months. An integrated executive team under the leadership of the group CEO was formed including Isam Saud al Zadjali, Ahmed Saleh al Jahdhami, Talal Hamid al Awfi, and Salim Sulaiman al Huthaili.
H E Dr Mohammed bin Hamad al Rumhi, chairman of both OOC and Orpic said, 'The board believes this integration will create significant value for Oman and provide a solid platform for our ambitious growth plans for the group as well as providing our people more opportunities to develop and grow in this business.'
Mahruqi was the CEO of Orpic between 2010 and 2016 and has lead successfully the first large scale corporate integration in Oman, which took place during 2010-2012. Since then, Orpic has embarked on an ambitious growth strategy that lead to the implementation of Sohar Refinery Improvement Project (SRIP), Muscat Sohar Product Pipeline (MSPP) and Liwa Plastics Industries Project (LPIC) with over US$9bn capital investment in total. SRIP and MSPP were commissioned in 2017 while LPIC is currently under construction with a target to commence production in 2020.
Mahruqi had also worked at OOC in various positions between 2003 and 2010. In 2008, he was appointed as chief investment officer overlooking the portfolio of OOC exceeding 30 investments, then. During his time at OOC, Mahruqi had significant contribution in the rapid growth of OOC portfolio both inside and outside Oman.
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