With its aim to become an important player in fuel retailing business regionally and globally, Oman Oil Marketing Company (OOMCO) on Wednesday announced that its board of directors has approved to enter into a strategic partnership with the sultanate’s globally integrated energy company OQ.
The company’s strategic partnership with OQ will also include rebranding OOMCO’s business network to OQ brand.
‘OOMCO is pleased to announce that the company’s board in their meeting on Tuesday has approved to enter into a strategic partnership with OQ in order to explore business opportunities locally, internationally as well as the re-branding of OOMCO business network to OQ brand,’ Oman Oil Marketing Company said in a disclosure to the Muscat Securities Market.
OOMCO said that the strategic partnership agreement shall support the company to scale-up its operations much faster than the current organic approach, benefit from future OQ brand equity internationally and locally and be an important player in the fuel retail business globally.
As per Muscat Clearing & Depository Company’s data, OQ is the largest shareholder in OOMCO with 46.3 per cent ownership.