#Oman Picks State Street Saudi Chairwoman to Head Oil Company - Bloomberg

Oman Picks State Street Saudi Chairwoman to Head Oil Company - Bloomberg

Oman’s government named Haifa Al Khaifi as head of a new company that controls the country’s biggest oil block, a rare appointment for a woman in a male-dominated sector in the Middle East.

Al Khaifi will be chief executive officer of Energy Development Oman, which ultimately owns the sultanate’s 60% stake in Block 6, a huge field capable of producing around 650,000 barrels of crude each day.

She joins from Petroleum Development Oman LLC, the Persian Gulf nation’s state-run oil and gas exploration and production firm, where she was chief financial officer. Al Khaifi is also chairwoman of the Saudi Arabian unit of State Street Corp., the Boston-based custodian and money manager.

Bloomberg reported in November that Oman, which is struggling to finance a budget deficit that soared last year, may issue around $3 billion of bonds off the back of Block 6. JPMorgan Chase & Co. is advising the government on the plan, according to a person familiar with the matter.