The Oman Oil Company signed an agreement with the International Petroleum Investment Company this week in which the parties will undertake to cooperate on investment projects within the oil, gas and petrochemical sectors.

The agreement was signed by the CEO of the OOC, Ahmed bin Salim al Wahaibi, and a representative of IPIC, Khadim Abdullah al Qubaisi. Present at the ceremony were also Shaikh Mansoor bin Zayed bin Sultan al Nahyan, UAE Deputy Prime Minister, Presidential Affairs Minister, and IPIC Chairman; and Dr. Mohammed bin Hamad al Rumhy, Minister of Oil and Gas. IPIC is an investment company which is owned by the UAE.

The Chairman of the OOC and Under Secretary of the Ministry of Oil and Gas, Nasser bin Khamis al Jashmi said that this deal will enable the parties to create a variety of petrochemical projects and start oil refineries as well as allowing the partners to exchange expert knowledge and technology in a number of different areas.

In addition Khadim Abdullah al Qubaisi said that he was pleased with the agreement with the OOC, stating that, “this agreement will be a starting point for investment projects in various local or global circles. Projects to be implemented by the agreement will aim at availing job opportunities for the nationals in the two states.”

“We are working hard for deepening the relations between the two brotherly countries to characterize the spirit of co-operation and integration between the GCC states. We will exploit the agreement in investment in the projects that have positive economic influences and interests of the two brotherly states,” Al Qubaisi also acknowledged.

Also present at the signing was Oman’s Ambassador to the UAE, Shaikh Mohammed Abdullah al Qatabi.