With a fiscal breakeven oil price of US$87.55 per barrel (pb) of Brent in 2020 and 80 per cent of its revenues still coming directly or indirectly from the hydrocarbons sector, Oman is looking at all options to raise money for key projects related to its preferred source of hydrocarbons income, the high value-added petrochemicals sector. The key elements of this drive are: re-organising its oil and gas sector to increase output that can provide feedstock and money for petchems development, building out the required and corollary infrastructure, and cementing the Sultanate’s already solid relationship with its dominant global partner, China. To effect the first of these objectives, Oman’s Oil and Gas Minister, Mohammed bin Hamed Al Rumhi, announced that nine core businesses of the Oman Oil Company (OOC) and of the Oman Oil Refineries and Petroleum Industries Company (Orpic) Group are being integrated with the ultimate aim of […]