Muscat, July 2nd 2014

Oman Oil Company (OOC) and its group of companies have recently held the quarterly Internal Audit Forum to assess the progress made in implementing the group internal audit strategy. Approved by the Board of Directors late 2013, the strategy is designed to support key components of the company's structure including people, processes, risk management and stakeholders.

Abdulrahman Al Harthi,  Chief Audit Executive of Oman Oil Company, said, "The Forum was a vital exercise to monitor the level of integration of our internal audit functions into all operations and among all of our companies. Internal Audit Professionals of OOC group of companies are showing their commitment to meeting the requirements for best practices, enhancing the risk management policies and improving overall corporate governance to successfully achieve business goals. Through robust compliance measures and control processes, we aim to continuously achieve the highest levels of transparency."

The Forum sought practical alignment between the internal audit strategy and various ongoing compliance programmes including the Enterprise Risk Management and Quality Assurance Improvement. In addition, the Internal Audit Capacity Building Framework was highlighted as a fundamental element in the development of audit professionals for a successful risk-based audit plan that engages all stakeholders.

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About Oman Oil Company
Oman Oil Company S.A.O.C (OOC) is a commercial company wholly owned by the Government established in 1996 to pursue investment opportunities in the wider energy sector both inside and outside Oman. The Company plays an important role in the Sultanate's efforts to diversify the economy and to promote domestic and foreign investments as well as fostering and building human capital.

For more information, please contact:
Jamal Al Masrouri                                                                 
Shaza Taher

Corporate Communications Manager                                  
Senior Media Relations Manager

Oman Oil Company                                                               
TRACCS

Email:  jamal.almasrouri@oman-oil.com                             
Email: shaza.taher@traccs.net

© Press Release 2014