Oman Oil Marketing Co (OOMCO) eyes a 40% percent share in lubricant maker Lubechem as EPPCO gets busy.
Avgas from Omanoil Image: OOMCO |
The acquisition deal, estimated to be worth about AED1.5 million ($408,000 is expected to be completed within 30 days, giving the Omani a broader operating and product base from the UAE-based company.
Lubechem International Industry's main business is manufacturing and blending greases, lubricants, and chemicals, while OOMCO operates filling stations in Oman, has a bunkering licence at the Port of Sohar in partnership with Matrix Marine Holding and provides aviation fuel supplies.
OOMCO CEO, Omar Ahmed Salim Qatan, also recently announced plans to start another bunkering business at the Port of Duqm.
Meanwhile EPPCO Lubricants has singed two exclusive deals in the United Arab Emirates. The first is a three-year supply agreement with Dubai's largest driving institute, Emirates Driving Institute (EDI) which has a fleet of over 1000 vehicles in different categories.
The second EPPCO deal involves a five year supply agreement with Dubai's largest school transportation provider in the UAE, School Transportation Services (STS) which owns 800 buses that serve more than 40,000 students in the UAE.