Brunei, Oman to collaborate on downstream projects

National 1 minute, 11 seconds


OMAN and Brunei are in talks to collaborate on downstream projects, said Oman’s ambassador to Brunei.

Recently-appointed envoy, Sheikh Ahmed bin Hashil Al Maskari, said the Oman-Brunei Investment Company was eyeing more joint ventures in the oil and gas industry.

“We are now in dialogue for more investment in downstream projects, whether here in Brunei or in Oman. We may also invest in a third country,” he told The Brunei Times in a recent interview.

The downstream sector commonly refers to the refining of crude oil and the processing of raw natural gas, as well as the distribution of products derived from these resources.

According to Sheikh Ahmed, the Oman-Brunei Investment Company has already sunk funds into three different projects in Oman, and is keen to identify investment opportunities in Brunei.

“I’ve been here for only eight months but I’m already seeing alot of activities that can lead to activities that would help both Omani and Bruneian businesses.”

Brunei inked a deal with Oman in April 2009 to create a US$100 million (BND$140 million) Investment fund to facilitate investment in the tourism, industrial and commercial sectors.

A trade delegation from Muscat visited the Sultanate last April, hoping to identify mutual investment opportunities.

A key Omani official, His Highness Sayyid Faisal Turki Al Said, commented that Brunei’s tax incentives make it an attractive platform to access the ASEAN market.

The Brunei Times