Orpic-Oman Oil merger to help maximise returns

Muscat: A top official of the Ministry of Finance said that the merger of Oman Oil Company and Oman Oil Refineries and Petroleum Industries (Orpic) will help reduce the costs and maximize returns through the process of implementation. Nasser bin Khamis al Jashmi, Undersecretary, Ministry of Finance, said a consultant firm appointed to study the implementation estimated returns from this merger will be $3 billion over the period of implementation. The Minister of Oil and Gas had recently announced the merger of the board of directors of Oman Oil Company and Oman Oil Refineries and Industries (Orpic). The first phase will focus on the integration and the preparation of the merger plan, which is expected to be announced during the second quarter of 2019. The new integrated management team will supervise the work of the two companies, including the management of the two companies,assets and employees. He added that the cost of promotions for 2010 2010 batch government employees will be RO 70 million for one year.