British Oil major BP has decided to sell its 49 percent stake in BP Oman to the Oman Oil Company. BP sources attribute the pullout to the small size of its operations in the Sultanate compared with operators Shell Oman and Al-Maha Petroleum.
The oil firm plans to continue involved in the management of BP Oman and has confirmed the maintenance of activity in downstream aviation, marine and other activities in the country, reported Times Business . Earlier this year, BP’s trading branch IST agreed to purchase petroleum products from the Sultanate’s Sohar Refinery expected to go on stream in 2006.
BP Oman is the third largest oil marketing company in Oman with 74 retail filling stations. The company distributes petroleum fuel, aviation fuel and lubricants in Oman. It was formed in 1998 after taking over businesses from BP Middle East Limited (BPME) and BP Dhofar.
The company reported a 13.7 percent fall in its net profits for the first six months of the financial year 2002, reaching 1.17 million Omani riyals ($450,00) in first half 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
