Total assets Value of OQ Group’s exceed $31.6 Billion

Muscat: The total assets value of OQ, a global integrated energy group, exceeded USD 31.6 billion.

The Group’s assets make it one of the largest energy companies in the Sultanate of Oman. The operations and activities of OQ cover the entire value chain; starting from exploration and production, operations of refineries and petrochemicals sector, to the added value of oil and gas products, as well as trading and marketing.

The production capacity for Mina Al Fahl Refinery increased from 50,000 barrels per day in 1982 to 106,000 barrel per day in 2022.

OQ Group has supported and promoted the government’s plans for economic diversification by providing 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.

Furthermore, the group has attracted foreign investments and entered into partnerships with international companies in Oman and abroad. OQ’s exports to various countries around the world have enhanced the brand of Omani industries and strengthened national capabilities in engineering.

Additionally, OQ has achieved significant successes in expanding into global markets. The group operates in 17 countries across five continents and sells its products in over 80 countries.

The Group undertakes exploration and production services as part of its investments. The total production of oil from its operating assets and investment partnerships reached 219,000 barrels of oil equivalent (Boe) per day during the first half of 2022. This represents 12.6 percent of Oman’s total oil production.

Block 60 is considered one of the most significant concession areas owned by the group which include “Bisat” field where OQ managed to increase the production from 14,000 to 57,000 barrels of oil equivalent. The group has partnerships with many international companies for managing and operating many concession areas, both locally and internationally.

OQ owns many development projects that mark a milestone in upstream industries inside the Sultanate of Oman. This enhanced the group’s contribution to developing the industrial sector and promoting petrochemical industries.

The Liwa Plastics Industries Complex is one of the largest investments in the Sultanate of Oman. The group also owns OQ Liquefied Petroleum Gas (LPG) Plant, OQ Ammonia Plant, the Methanol Plant in the Governorate of Dhofar, the Omani Tank Terminal Company (OTTCO) in the Wilayat of Duqm, the Aromatics plant and the polypropylene plant in Sohar, in addition to the investment partnership at Duqm Refinery “OQ 8”.

In the clean energy field, OQ AE is progressing with the development of opportunities to support decarbonization of OQ’s upstream and downstream assets by swapping a portion of their power from grey energy to renewable energy.

As far as Low Carbon Molecules are concerned, OQ has made great strides by signing joint development agreements and memoranda of understanding to develop four mega green hydrogen projects for the production of green ammonia with prominent international partners. These mega projects include Hyport Duqm Project, Green Energy Oman Project (GEO), Hydrogen Oman Project (H2Oman), and Salalah 2 Project.

Moreover, OQ’s social investment projects reached 25 across several governorates in the fields of education, health and environment. – ONA

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