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Oman: Foreign Downstream Ventures
Country Study > Chapter 4 > The Economy > Hydrocarbon Sector > Foreign Downstream Ventures


The Oman Oil Company (OOC), established in the late 1980s, is responsible for the government's foreign petroleum activities. The board of directors consists of former government officials and private advisers and is responsible to the Ministry of Petroleum and Minerals. The OOC engages in international oil trading, including the purchase and sale of Omani crude oil, and in acquiring foreign downstream holdings. Acquiring foreign downstream holdings is the most recent development in the ministry's oil policies, lagging behind such other Arab oil producers as Kuwait, Saudi Arabia, and Libya, which have actively pursued foreign downstream ventures to ensure a secure market for crude oil sales.

As of late 1992, the OOC was negotiating equity interest in a foreign downstream venture, the acquisition of a 20 percent stake in Thailand's fifth refinery, in Rayong Province in the south. The refinery is designed to process up to 120,000 bpd of crude and will cost US$600 million. Operations are scheduled to begin in 1996 and will involve Oman's supplying part of the refinery's feedstock. Also, as a member of a consortium including Chevron Corporation of the United States, the OOC has committed itself to build an export pipeline to transport oil from the Tengiz and Korolyov fields in Kazakhstan to international markets. The pipeline complements an agreement signed on June 18, 1992, by the government of Oman with Kazakhstan for exploration and production of oil and gas in the former Soviet republic. The Tengiz and Korolyov fields are said to have a potential output of 700,000 bpd by 2010.

Data as of January 1993

Last Updated: January 1993

Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Oman was first published in 1993. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on

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