Marketing assets

OQ’s Total Asset Value Surpasses $31.6 Billion

Muscat: OQ, an integrated global energy group, celebrates its 40th anniversary on November 14, 2022. The group was founded on the same day in 1982 when the late His Majesty Sultan Qaboos Bin Said, may Allah bless his spirit, inaugurated Oman Oil Refinery Company (ORPIC) at Mina Al Fahl to serve as the first refinery in the Sultanate of Oman.

This ushered in the Sultanate’s journey towards maximizing the added value of its natural oil and gas wealth by refining petroleum derivatives and establishing a giant industry in the petrochemical sector. This sector has become one of the most important downstream industries which has made its way to reach its present state of development and growth over four decades with many large investment projects in various governorates.

The Group has assets of approximately $31.63 billion. This makes it one of the largest energy companies in the Sultanate of Oman. OQ operations and activities span the entire value chain; from exploration and production, refinery and petrochemical operations, to value addition of oil and gas products, as well as trading and marketing.

Over the past 40 years, OQ Group has supported and promoted the government’s economic diversification plans by supplying production inputs to many industries related to oil, gas and petrochemical derivatives, as well as producing fuel derivatives in the Sultanate of Oman through its refineries. In addition, the group has attracted foreign investment and entered into partnerships with international companies inside the Sultanate and abroad. OQ’s exports to various countries around the world have raised the brand of Omani industries and enhanced the national engineering capabilities.

Additionally, OQ has achieved significant success in expanding into global markets. The group operates in 17 countries on five continents and sells its products to more than 3,000 customers in more than 80 countries. This international expansion has allowed it to be one of the most important players in the petrochemical industry markets and to contribute to the access of Omani products to various countries around the world.

The Group provides exploration and production services as part of its investments. Total oil production from its operating assets and investment partnerships reached 219,000 barrels of oil equivalent (boe) per day in the first half of 2022. This represents 12.6% of production total oil from Oman. Block 60 is considered one of the most important concession areas held by the group, which includes the Bisat field where OQ managed to increase production from 14,000 to 57,000 barrels of oil equivalent in three years.

The group has partnerships with many international companies for the management and operation of numerous concession areas, both locally and internationally.

OQ has many development projects which mark a milestone in the upstream industries inside the Sultanate of Oman. This strengthens the group’s contribution to the development of the industrial sector and promotes the petrochemical industries. The Liwa Plastics Industries complex is one of the biggest investments in the Sultanate of Oman. The group also owns OQ Liquefied Petroleum Gas (LPG) Plant, OQ Ammonia Plant, Methanol Plant in Dhofar Governorate, Omani Tank Terminal Company (OTTCO) in Duqm Wilayat , the aromatics plant and the polypropylene plant in Sohar, in addition to the investment partnership at Duqm Refinery “OQ 8”. These projects are considered a major economic pillar that supplies the country with many products. They also allow the creation of small and medium-sized enterprises (SMEs).

Refineries stand out among OQ’s largest investments in its efforts to supply various fuel derivatives.

The group with a strong asset base is well positioned to maximize the value of Oman’s energy sources and energy transition towards a sustainable future, with alternative energy playing a critical role for OQ as an “enabler of energetic transition”. Central to OQ Alternate Energy’s efforts is decarbonizing OQ’s assets and securing future growth, and to achieve this number of initiatives have been put forward in the areas of energy excellence, energy clean and low-carbon molecules.

In the area of ​​clean energy, OQ AE is making progress in developing opportunities to support the decarbonization of OQ’s upstream and downstream assets by swapping some of their power from embodied energy to renewables. OQ AE has also been appointed by the MEM as the national champion to coordinate, develop and execute this shift from gray energy sources to clean energy sources for other operators in Oman’s upstream oil and gas blocks. .

Additionally, for the production of low-carbon molecules, OQ has made great progress by signing joint development agreements and memorandums of understanding to develop four green hydrogen mega projects for the production of green ammonia with leading international partners in Duqm Special Economic Zone, Wusta Governorate and Dhofar. These megaprojects include the Hyport Duqm project, the Green Energy Oman (GEO) project, the Hydrogen Oman (H2Oman) project, and the Salalah 2 project.

OQ Group plays an important role in improving value addition in the country in all legislative, regulatory and executive aspects with the aim of enriching local markets, maximizing the value of its investments and promoting supply chains. supplying the group through its operations. It achieves this objective through a few steps, the most important of which are increasing the total value of its expenditures in the Sultanate of Oman, supporting SMEs, promoting national industries, developing technical skills, requiring contractors and suppliers with the conditions for adding value in the country. and respect succession and omanization policies.

OQ Group attaches great importance to social investment, as one of its main pillars. He has implemented about 25 social investment projects in the governorates of the Sultanate. These projects cover the education, health and environment sectors, embody its corporate social responsibility and highlight the group’s efforts to serve local communities. OQ also strives to build strong relationships with relevant stakeholders. It seeks to create new opportunities for growth and partnerships by planning and implementing social projects to help achieve the desired social and economic development in the Sultanate of Oman.