Oman oil company expands emerging business with MoU signing of Yanqul Copper Project

Press release

Published March 12th, 2014 - 10:07 GMT

Al Bawaba

Oman Oil Company (OOC) has announced its first mining venture in Oman after signing a Memorandum of Understanding (MoU) with Mawarid Mining and Oman Mining Company to develop the Yanqul Copper Project. The project is located in Al Dhahira governorate, 50 km north of Ibri. OOC’s investment will be for an equity stake of 41% upon the completion of a Definitive Feasibility Study, with 49% for Mawarid Mining and the remaining equity belonging to Oman Mining Company.

The development of Yanqul project will support metal-based industrial projects in Oman and further support OOC’s diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors.

Background Information

Oman Oil Marketing Company

Formed in October 2003, Oman Oil Marketing Company with the brand name omanoil is envisaged to be the future prominent player in petrol and lubricant retail in Oman. Today Oman Oil Marketing Company SAOG is involved in the marketing and distribution of fuels and lubricant products and operates in the sectors of fuel retailing, direct (bulk) fuel sales to Government and the Commercial sector, lubricants, aviation refueling and storage and distribution.