Oman Oil Marketing Co to open service stations in Tanzania

'Tanzania is our new destination. Our expectation is to have the first service station within this year,' OOMC said in a disclosure to the Muscat Securities Market on Tuesday.

The company said, 'OOMC has investigated the option of investing in the Tanzanian fuel retail market and SFS (shop, food and services) market against the positive macroeconomics of the Tanzanian market, stable political environment and political will to encourage investments.”

Explaining the reason for entering the eastern African country's market, the company's disclosure said, 'Given the projected growth in vehicles and robust economic forecasts for the next ten years, OOMC is looking at sustainable investments and suitable partners.”

Last year, OOMC announced that it is working on a number of initiatives to expand operations, both within and outside the sultanate. Earlier in 2018, the company had announced that it is entering in Kenya and has signed an agreement with the local firm Hass Petroleum Group to sell its lubricant products in the country.

“Apart from neighbouring countries, which are a natural choice for expansion due to similar consumer behaviours and business models, there are a number of African and Asian countries on the radar for future growth,” David Kalife, CEO of OOMC, had said while announcing the initiatives to boost growth in September 2018.

'Navigating near market is one of our pillars to derive the company growth in the long run. Based on that, OOMC has entered Saudi Arabia with two service stations,' the company said in its filing to the MSM.