HASS Petroleum said yesterday selling of 40 per cent stake to Oman Trading International (OTI) would involve neither change management team nor staff layout.
The company said in a press release that the transaction entails sell of minority stake to the Oman based firm which is state enterprise.
“There will be no change in management, staff or operations. The Hass management team will continue to run the company,” the statement said adding “neither will there be any effect on our staffing levels.
OTI is an established trading company headquartered in Dubai but owned from the Sultanate of Oman.
The company is owned 70 per cent by Oman Oil Company (OOC) and 30 per cent the State General Reserve Fund (SGRF) of Oman, both Government owned entities. OTI moves about 20 million tons of petroleum energy products annually.
It has offices in Middle East, Europe, Asia and the US.