Sun, 29 July 2012

MUSCAT -- Orpic, Oman's integrated refining and petrochemicals business, yesterday announced a major milestone in its business performance, as it achieved 12 full consecutive months of providing 100 per cent of Oman's fuel needs. Orpic was formed from the integration of Oman's existing refining and petrochemicals companies in a process that began just over two years ago. Since that time, an important goal for the business has been to eliminate the need for expensive gasoline and diesel imports.

June 2011 marked the first full month of zero per cent fuel imports as a result of the new company's performance and, thanks to the successful utilisation of its refineries at Sohar and Mina al Fahal, Orpic has now passed the 12-month milestone. Dr Mohammed bin Hamed al Rumhy, Minister of Oil and Gas and Chairman of Orpic, said: "This is an important achievement for Orpic and the country. As a major oil producer, Oman should be able to meet its own growing fuel needs. Thanks to the efforts of our team at Orpic, we can now do that.

"Over the past two years, there has been a significant improvement in Orpic's operational and financial performance. Today, we are proud of the contribution we have made to our economy and that we continue to be independent of fuel imports, thanks to the record performance of our plants." During 2010, Oman was required to import more than five million barrels of fuels. In 2011, this figure was reduced to one million barrels, as Orpic achieved record production levels at its refineries. Now the company is aiming for zero imports during the whole of 2012 despite double digit year-on-year growth rate of the fuel consumption in the Sultanate.

Dr Al Rumhy added: "We have passed our first full year milestone, of more than 12 months of 100 per cent supply to Oman. Now we must continue with that focus and deliver a full calendar year of 100 per cent supply. To meet the rapid growth of fuel demand in Oman, the Sohar Refinery expansion project is under way and the target is to complete the project in 2016."

Orpic achieved operating profits of $400 million in 2011, a record performance which represented an increase of $450 million when compared to 2010 results. Each of its four plants, in Sohar and Mina al Fahal, reached record production levels.

© Oman Daily Observer 2012