OTI opens office in Shanghai to explore new market

                                 

SHANGHAI — Reinstating its commitment to explore new MARKET opportunities and to benefit from the Asian markets, the OmanTRADING International recently inaugurated its representative trading office in Shanghai, China, the fifth global office for the company. Shanghai is considered as one of the vital markets in the field of oil derivatives, gas, & petrochemicals.
The office has been opened under auspices of Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas,
This step is considered as an important addition to the company position to get the utmost advantage from the global Chinese market, during the time when the global market witnesses an increasing demand for petrochemical & oil derivatives.
The opening has been attended by Sheikh Abdullah al Saadi, Sultanate’s Ambassador to China, senior officials of the Oman Oil Company (OOC), a group of Omani and Chinese businessmen and a number of those interested in energy sector.
The company has managed in virtual time to benefit from local resources to approach the global trading market through hard work and successful INVESTMENT capitalised to realise its ambitions. Not surprisingly, the company has developed within a few years strong trade relations with a lot of global markets and hence strengthened its commercial and economic position in the market.
In this regard, the Minister of Oil and Gas has welcomed the opening of the Company’s trading office in Shanghai, referring that the current position of the company qualifies it for being a strong competitor in the Chinese market in particular, as well as in the Asian market, in general.
Hoping for promotion of the investment opportunities for the company in a market which is considered as the largest global market. He added that the office will enhance the trade & economic relations with China.
On his side, the Sultanate’s Ambassador to China has appreciated the efforts exerted by the OTI for opening the branch in Shanghai and appreciating at the same time the facilities rendered by the Chinese government for the completion of this project.
Talal bin Hamid Al Oufi, CEO of OTI, has also expressed his happiness on this occasion saying that the new Company office is a healthy indicator of the successes achieved since its establishment. He added, we will take advantage of the company’s strong financial position to diversify our INVESTMENTS in the market. He stated that the company plays a major role in the Sultanate’s efforts in diversifying the source of the Omani economy and create better opportunities for local and foreign investments.
It is worth mentioning that 70 per cent of Oman Trading International, is owned by Oman Oil Company while 30 per cent for Vitol Group, operating on the trading of petroleum derivatives and petrochemicals in the global market. It also markets and TRADESproducts of some key Omani companies, such as Oman Oil Refineries and Petroleum Industries Company (Orpic) and Salalah Methanol Company through its head office in Dubai International Financial Centre. Its widespread offices in Muscat, Singapore, Rotterdam and Shanghai which has been opened recently contribute to the success of this trading.
The company also trades annually at nearly 16 million tons of oil derivatives which is considered as one of the largest trading company at Dubai Mercantile Exchange for crude oil. — ONA