Oman Oil Company targets Tanzania as first oversees office
As part of its broad investment programme to increase presence in key growth markets, Oman Oil Company (OOC) has announced the opening of its first representative overseas office in Dar es Salaam, Tanzania.
Operating under the name Oman Energy Limited (OEL), OOC will work alongside its majority-owned, Oman Trading International (OTI) – petroleum products, crude oil, petrochemicals, and carbon emissions trading company – to support activities and pursue investment opportunities.
The company says the move to expand to Tanzania is part of its strategy to get into the African continent.
“Commencing operations in Tanzania is an important milestone as we expand our presence throughout the African continent. The representative office will act as a focal point to explore and develop investments in Tanzania’s petroleum and energy sectors,” said H.E. Nasser bin Khamis Al Jashmi, Undersecretary for the Ministry of Finance and Chairman of OOC.
He adds that the company will also be focusing on other sectors as well as other projects on the energy field.
“With the accelerated agricultural growth in Tanzania, OOC is considering potential investments in the fertilizer sector, as well as the supply and marketing of petroleum products. In addition, development of energy infrastructure and coal mining are other opportunities being considered as part of our investment roadmap in the country.”
Southwest Tanzania has a total of about 1 .5 billion tonnes in reserves that have so far been identified with the chinese Sichuan Hongda Co. Ltd. having signed a $3 billion deal to mine coal in a joint venture with Tanzania’s state-run National Development Corporation.