15 October 2011
Takamul Investment Company SAOC, the majority owned downstream investment arm of Oman Oil Company, is keenly exploring opportunities in the petrochemicals and minerals sectors in a further diversification of its rapidly expanding investment portfolio.
Plans for a chemical blending venture involving an investment of around $30 million have already reached an advanced stage of study. Also under active consideration are potential investments in value-added mineral processing activities. One particular project, the nature and scope of which is currently under wraps, could see Takamul contributing up to $700 million in its single biggest investment to date.
Details about Takamul's new investment initiatives were unveiled in a presentation made by Gilles Desorbay, General Manager- Business Development, at last week's Oman Investment Forum 2011, organised by MEED Events in partnership with the Public Authority for Investment Promotion and Export Development (PAIPED).
Desorbay was joined after the presentation by the heads of three Takamul spinoffs: Oman Aluminium Rolling Mills (represented by Lloyd A 'Buddy' Stemple, CEO); Oman Aluminium Processing Industries Ltd (represented by Frederic Andre Paul, CEO), and Sohar Sulphur Fertilizers LLC (represented by its Chairman Anil Vishnoi, who is also General Manager - Finance at Takamul).
"We are looking very actively to develop some major projects in petrochems. Beyond that, we will also be looking at looking at investments in various minerals," Desorbay told the gathering of business leaders on the concluding day of the forum.
The executive further added: "We are very active in developing a diversified portfolio of investments (spanning) several industrial sectors ranging from small sized projects of $5 million -- $10 million to much larger sized ventures with several hundred million dollar investments. We structure those joint ventures as fully independent standalone companies."
Takamul was established in 2008 to invest specifically in industrial projects that add value to the economy by going downstream to large existing assets in Oman. These assets, Desorbay explained, include the country's potentially rich mineral resources, its refineries owned by Oman Oil Refineries and Petrochemical Industries Company (ORPIC), and the smelter of Sohar Aluminium.
The investment company's mandate, he said, is to add value and generate employment in Oman by financing, developing and operating standalone entities primarily in metals, minerals, petrochems and in some related industrial services.
"Takamul is currently active in developing greenfield sites and expanding existing businesses. We go into these businesses either as joint ventures or wholly owned projects. We are also looking at bringing value to the local economy by displacing certain imports where it makes sense."
Two downstream spinoffs floated by Takamul are presently in operation. Oman Aluminium Processing Industries Ltd (OAPIL), a joint venture of Takamul (49 per cent) and Oman Cables Industries, commenced production at Sohar in 2010. Also last year, Takamul acquired a 13 per cent equity interest in Muscat Gases, an existing manufacturer of industrial gases.
Two new ventures are currently under construction. Oman Aluminium Rolling Mills (OARC) is a 100 per cent Takamul owned project under development at Sohar with an investment of around $400 million.
Also in the early phases of construction is a $6 million plant of Sohar Sulphur Fertilizers in which Takamul has a 55 per cent stake.
"In addition, we are also waiting for a final investment decision on setting up a steel wire manufacturing plant to be based in Sohar as well," said Desorbay. The $30 million project is being developed by Gulf Specialty Steel Industries (GSSI), in which Takamul has a 49 per cent equity share.
Takamul is 90 per cent owned by the wholly government owned Oman Oil Company, with the remaining shares owned equally by Abu Dhabi Water & Electricity Authority (ADWEA) and Al Maha Strategic Industries for Investments LLC, also of Abu Dhabi.
Takamul Investment Company SAOC, the majority owned downstream investment arm of Oman Oil Company, is keenly exploring opportunities in the petrochemicals and minerals sectors in a further diversification of its rapidly expanding investment portfolio.
Plans for a chemical blending venture involving an investment of around $30 million have already reached an advanced stage of study. Also under active consideration are potential investments in value-added mineral processing activities. One particular project, the nature and scope of which is currently under wraps, could see Takamul contributing up to $700 million in its single biggest investment to date.
Details about Takamul's new investment initiatives were unveiled in a presentation made by Gilles Desorbay, General Manager- Business Development, at last week's Oman Investment Forum 2011, organised by MEED Events in partnership with the Public Authority for Investment Promotion and Export Development (PAIPED).
Desorbay was joined after the presentation by the heads of three Takamul spinoffs: Oman Aluminium Rolling Mills (represented by Lloyd A 'Buddy' Stemple, CEO); Oman Aluminium Processing Industries Ltd (represented by Frederic Andre Paul, CEO), and Sohar Sulphur Fertilizers LLC (represented by its Chairman Anil Vishnoi, who is also General Manager - Finance at Takamul).
"We are looking very actively to develop some major projects in petrochems. Beyond that, we will also be looking at looking at investments in various minerals," Desorbay told the gathering of business leaders on the concluding day of the forum.
The executive further added: "We are very active in developing a diversified portfolio of investments (spanning) several industrial sectors ranging from small sized projects of $5 million -- $10 million to much larger sized ventures with several hundred million dollar investments. We structure those joint ventures as fully independent standalone companies."
Takamul was established in 2008 to invest specifically in industrial projects that add value to the economy by going downstream to large existing assets in Oman. These assets, Desorbay explained, include the country's potentially rich mineral resources, its refineries owned by Oman Oil Refineries and Petrochemical Industries Company (ORPIC), and the smelter of Sohar Aluminium.
The investment company's mandate, he said, is to add value and generate employment in Oman by financing, developing and operating standalone entities primarily in metals, minerals, petrochems and in some related industrial services.
"Takamul is currently active in developing greenfield sites and expanding existing businesses. We go into these businesses either as joint ventures or wholly owned projects. We are also looking at bringing value to the local economy by displacing certain imports where it makes sense."
Two downstream spinoffs floated by Takamul are presently in operation. Oman Aluminium Processing Industries Ltd (OAPIL), a joint venture of Takamul (49 per cent) and Oman Cables Industries, commenced production at Sohar in 2010. Also last year, Takamul acquired a 13 per cent equity interest in Muscat Gases, an existing manufacturer of industrial gases.
Two new ventures are currently under construction. Oman Aluminium Rolling Mills (OARC) is a 100 per cent Takamul owned project under development at Sohar with an investment of around $400 million.
Also in the early phases of construction is a $6 million plant of Sohar Sulphur Fertilizers in which Takamul has a 55 per cent stake.
"In addition, we are also waiting for a final investment decision on setting up a steel wire manufacturing plant to be based in Sohar as well," said Desorbay. The $30 million project is being developed by Gulf Specialty Steel Industries (GSSI), in which Takamul has a 49 per cent equity share.
Takamul is 90 per cent owned by the wholly government owned Oman Oil Company, with the remaining shares owned equally by Abu Dhabi Water & Electricity Authority (ADWEA) and Al Maha Strategic Industries for Investments LLC, also of Abu Dhabi.
© Oman Daily Observer 2011
