Mubasher: Oman announced the merger of state-owned oil investment and refining firms, Oman Oil Company and Oman Oil Refineries & Petroleum Industries Company, to form an entity spanning pumping crude and natural gas to processing and trading fuels.

Musab Abdullah Al Mahruqi has been named a chief executive officer of the merged business as of 2 December, according to a joint statement posted on Twitter on Sunday.

The merged group will have combined stakes in around 1.1 million barrels per day (bpd) of refining capacity in Oman, India and Hungary.

It is worth noting that Oman, the biggest Arab producer outside of  the Organization of Petroleum Exporting Countries (OPEC), is adjacent to the Strait of Hormuz, a major transit point for regional crude exports.