We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Commercial Companies Law 4/74 and its amendments,
Royal Decree 7/82 Establishing Oman Oil Refinery LLC and its amendments,
and the Financial Law issued by Royal Decree 56/82 and its amendments,
and in pursuance of public interest,
have decreed as follows
Article I
The text of article 9 of the mentioned Royal Decree 7/82 is hereby replaced with the following text:
The company must be managed by a board of directors consisting of seven members, to be formed as follows:
1. Two members representing the Ministry of Oil and Gas, one of whom is the chairman of the board.
2. Two members representing the Ministry of Finance, one of whom is the deputy chairman of the board.
3. A member representing the Ministry of National Economy.
4. A member representing the Ministry of Commerce and Industry.
5. A member representing the Central Bank of Oman.
Nomination, selection, and appointment of the chairman, deputy chairman, and members of the board must follow the procedures prescribed for the appointment of members representing the share of the government under the mentioned Commercial Companies Law and Financial Law.
Article II
The constitutive contract and the articles of association of the company must be amended in accordance with the provisions of this decree.
Article III
All that is contrary to this decree, or in conflict with its provisions, is hereby repealed.
Article IV
This decree must be published in the Official Gazette, and comes into force from the date of its issuance.
Issued on: 28 Jumada Al-Awwal 1419
Corresponding to: 19 September 1998
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 632 issued on 3 October 1998.