MUSCAT (Commodity Online): Oman Trading International (OTI) is all set to open offices in Europe and China as part of its global expansion strategy, as per reports by a local newspaper. OTI, promoted by the Oman Oil Company and Vitol group, facilitates the trading of the country's oil through the Dubai Mercantile Exchange (DME).
In an interview with The Muscat Daily, CEO Talal al Aufy said that , "Our plan for this year is to open an office in Shanghai and Europe. In order for OTI to become a global player we need to expand our reach. An international presence also provides us with the ability to reach end users and hence a bigger share of the value chain and more control on trading activity. OTI also trades non-Omani sourced products and therefore by expanding internationally we are able to recognise opportunities and expand our product portfolio."
Oman is one of the major Arab non-OPEC oil producers in the world. In 2011,Oman's oil production rose by 7% to around 23.5 million barrels, as per data reported by the Oil and Gas Ministry
