The bank’s proposed 2014 dividend is equivalent to $0.03 per share in cash and one free share for every 10 a shareholder owns.
The consortium, led by Canada-based CPCS Transcom International Limited, will start the study this month.
The maintenance is not expected to have any effect on the local market, ORPIC’s CEO said.
The contract was worth about 207 million pounds when won in 2011.
A Tier 1 capital-boosting bond was its preferred method, the bank said.
The minister said that OPEC’s policy might temporarily force high-cost producers out of the market but they would eventually come back.
Lower oil prices are not affecting Oman’s upstream strategy, and there is no change in its 2015 energy plans, the minister said.
Bank Muscat made a profit of OMR36.5 million ($94.8 million) in the last quarter of 2014.
The firm made a net profit of OMR1.7 million ($4.4 million) in the last quarter of 2014.
Wednesday’s 4.5 per cent surge in Brent crude futures was the biggest percentage gain since June 2012.
Net profit for the full year was down 30.6 per cent year-on-year to OMR40.5 million.
Net profit in 2014 was OMR163.2 million, up 7.3 per cent from the previous year.
The lender made a net profit of OMR13.2 million ($34.3 million) in the fourth quarter of 2014.
ORPIC runs oil refineries at Sohar and Muscat as well as aromatics and polypropylene production plants at Sohar.
The minister said on Wednesday that the Oman’s budget assumed oil prices would average $75 per barrel this year.
The new plan aims to reduce the total expenditure of the airline by more than OMR100 million over the next three years.
Government expenditure this year is estimated at OMR14.1 billion ($36.6 billion), up 4.5 per cent from last year’s original plan, the ministry said.
A news conference on the budget was scheduled to be held at 10 a.m. local time.
The council said that such a tax would have a negative impact on the country’s investment prospects.
The decision to sell the business was due to the bank’s review of “strategic alternatives and operational priorities”, a statement said.
Oman has been considering a range of spending cuts and tax rises, including a levy on the remittances of foreign workers.
The move will boost the GCC’s tourism industry, helping sectors such as aviation and hospitality.
The organisation’s executive president said that the fund has been investing heavily in Muscat Securities Market, taking advantage of the fall in prices.
Analysts fear that any power struggle after the sultan’s death within his Al-Said family – or between the royal family and army leaders – could rattle the country.
ORPIC had said on Dec. 5 that it had put out a fire at one of the naphtha treatment units at the refinery in Muscat.
Greg Young says the rebranding is crucial to the Omani telecom operator’s future success.
If enforced, it will become illegal to consume and trade alcohol across the sultanate.
Cement firms in Oman have also warned that the price rise will lead to an increase in their production costs.
HSBC Bank Oman said in April it had agreed to the sale of its Indian business to Doha Bank.
Saudi Arabia’s bourse took the biggest hit, dropping 4.8 per cent to 8,625 points, its lowest close since early January.