MUSCAT: State-owned energy investment firm Oman Oil Co. (OOC) will announce a new structure later this year, Chief Executive Issam Al-Zadjali told reporters on Sunday.
"With the new structure, the company will be focusing more on Duqm, managing our international assets and selling some of our assets by privatising some of OOC's daughter companies," he said.
Al-Zadjali did not specify which companies might be privatised; OOC has interests in petrochemicals, power generation, shipping, and oil exploration and production. The company and its partners had invested a total of 9.4 billion rials ($24.4 billion) in companies within Oman as of 2013, according to its latest annual report; 65 percent of its current investments are within Oman.
One of OOC's major projects is construction of an oil refinery in the Omani coastal town of Duqm.
Zadjali said OOC would sign a number of agreements with the State General Reserve Fund (SGRF), Oman's largest sovereign wealth fund. The first would be on joint management of international investments.
"We are looking to co-manage SGRF's and OOC's international investments, whether they are in the energy sector or any other sector, through the current SGRF office in Tanzania," he said. The SGRF opened an office in Dar es Salaam in January.
"In the future, we will be looking into investing in Africa, but not immediately," Al-Zadjali said without elaborating.
Oman Oil Co. to restructure and privatize some units
Oman Oil Co. to restructure and privatize some units
Boeing has 400 defense partners in Saudi Arabia
RIYADH: Boeing Saudi Arabia President Asaad Al-Jomai said the company has more than 400 defense partners in Saudi Arabia and works closely with local manufacturers such as Saudi Arabian Military Industries, or SAMI, which is leading the Kingdom’s defense localization mission.
He added: “The partnership is also active through academic and technical cooperation as Boeing is a founding partner of Al-Faisal University and has partnerships with King Abdullah University of Science and Technology, or KAUST, and King Abdulaziz City for Science and Technology.”
Localization of industry is a key objective for companies operating in Saudi Arabia, Al-Jomai said, adding that partnerships with firms such as SAMI support the Kingdom’s goal of localizing more than 50 percent of military spending by 2030. Boeing considers itself a central partner in localization and technology transfer.
According to Al-Jomai, Boeing’s relationship with Saudi Arabia spans more than 81 years. The company currently employs more than 90 people at its Saudi headquarters and has delivered more than 170 commercial aircraft in recent years.
Defense contracts dominate operations
Boeing’s existing contracts include maintenance and technical support for advanced defense systems, most notably F-15 fighter jets, with Saudi Arabia the largest operator of the aircraft outside the US.
He added that these contracts also cover Apache attack helicopters and AH-6i aircraft, known as the “Little Bird.”
Al-Jomai said that although support agreements cover both commercial and defense sectors, defense operations currently dominate in Saudi Arabia due to the expansion in military spending. He added that long global delivery cycles for commercial aircraft have shifted technical support efforts toward servicing defense fleets already operating in the Kingdom.
According to Boeing’s website, Boeing Defense, Space & Security’s relationship with the Royal Saudi Air Force began in 1978 when Saudi Arabia selected its first fleet of F-15C/D aircraft, forming the backbone of the Kingdom’s air defense.
The fleet expanded significantly in December 2011 when Saudi Arabia and the US signed a military sales agreement — the largest in US history at the time — covering F-15SA fighter jets, AH-64E Apache attack helicopters and AH-6 light armed reconnaissance helicopters.
