Oman Oil Trader Seeks U.S., Africa Footholds in Growth Push
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Oman, the largest oil producer in the Middle East outside of OPEC, plans to buy, lease or build fuel-storage tanks in East Africa to boost sales on the continent and open a U.S. office to trade refined products and Latin American crude.
Oman Trading International Ltd. intends to invest less than $50 million in facilities to store fuel in Mozambique, Tanzania or Kenya to help supply markets in Africa’s landlocked interior, Chief Executive Officer Talal Al Awfi said in an interview. He declined to specify the target markets. His company, a joint venture with Vitol Group, the world’s largest independent energy trader, plans to open a U.S. office in the first half of 2016, Al Awfi said in his Dubai office on Sunday.