OQ Trading eyes global growth

MUSCAT, DEC 24
OQ Trading (OQT) – the international trading arm of Oman’s integrated energy group OQ – expects its trading volumes to exceed 60 million tonnes in 2025, up from 55 million tonnes in 2024, highlighting its expanding role in maximising the value of Omani energy resources and its growing presence as a global commodity trader.
State-owned OQT trades a broad range of products, including crude oil, refined products, petrochemicals, fertilisers and carbon, with Oman LNG volumes set to join the portfolio from January 2026, CEO Wail al Jamali said.
“We have a sizeable crude offtake from the Ministry of Energy and Minerals and supply Oman’s share of the OQ8 (Duqm) refinery’s feedstock requirements. Beyond physical trading, we are also active in derivatives and paper products, both for hedging and expressing market views,” Al Jamali explained in an interview with The Energy Year.
He also highlighted OQT’s growing global footprint: “We facilitate exports through our international network, ensuring OQ’s products reach optimal destinations while supporting feedstock and blend requirements for OQ’s plants. Our offices span Muscat, Dubai, Singapore, Shanghai, Rotterdam, London and Houston. Through our affiliate Hass Petroleum—a medium-tier African retailer in which OQT acquired a 40% stake in 2017—we operate across nine East African countries. Approximately 50% of our portfolio is non-Omani, with third-party volumes sourced from countries including Nigeria, Singapore and the UAE.”
According to Al Jamali, a key part of OQT’s mandate is to act as a market intelligence and optimisation partner to OQ, and advise on production, product specifications and investment planning using real-time market insights. Its commercial optimisation team works closely with OQ to bridge trading and asset planning, enhance plant performance, and exceed short-term tactical targets to capture better margins.
While Oman remains central to OQT’s core activities, growth opportunities are increasingly international. The company has adopted a “diversify, expand and partner” strategy to broaden its portfolio and global footprint, with third-party trading now accounting for roughly half of total volumes.
“Our aim is to trade products as global books, spanning Houston, London and Singapore. We are also implementing an internal energy transition plan aligned with market developments to remain agile in a rapidly evolving energy landscape,” Al Jamali added.