OQ eyes major Angola energy investments

MUSCAT: OQ Group is exploring investments across Angola’s energy value chain, including oil and gas, liquefied natural gas, petrochemicals and a proposed 500-megawatt renewable energy project, as the Sultanate of Oman seeks to expand its economic partnerships in Africa.
The plans were outlined during the visits of His Majesty Sultan Haitham bin Tarik to Botswana and Angola, which are aimed at strengthening political and economic relations and opening new avenues for trade and investment.
Ashraf bin Hamad al Mamari, Group Chief Executive Officer of OQ, said the Royal visits provided momentum and confidence to economic relations at the highest levels.
“They contribute to accelerating the transition from the stage of researching and exploring opportunities to the actual establishment of partnerships and projects,” he said.
Al Mamari said the visit to Angola offered OQ an opportunity to strengthen its presence in African markets and pursue commercially viable energy partnerships capable of generating sustainable value for both countries.
The areas under evaluation include exploration and production, LNG, fertilisers, ammonia and petrochemicals, as well as the trading of petroleum and petrochemical products.
OQ and its Angolan counterparts are also considering joint investments in upstream assets, LNG developments and fertiliser projects. The discussions include ways to maximise the use of Angola’s natural gas resources for ammonia and petrochemical production.
The proposed cooperation covers oil and gas operations, refining, petrochemicals, fertilisers and trading. It also includes potential renewable energy developments led by OQ Alternative Energy.
Al Mamari said the breadth of OQ’s operations allowed the group to assess opportunities from an integrated perspective and develop partnerships drawing on the expertise and capabilities of both sides.
OQ signed two memoranda of cooperation in Angola covering conventional and renewable energy investments.
The first agreement, signed with Angola’s state-owned oil company Sonangol, establishes a framework for assessing investment opportunities and exchanging technical, operational and commercial expertise across the energy value chain.
The second memorandum, between OQ Alternative Energy and Angola’s Ministry of Energy and Water, covers the evaluation and potential development of a renewable energy project with a total capacity of about 500 MW, supported by a battery energy storage system.
“These memoranda mark a significant milestone in strengthening our partnership with the Republic of Angola and exploring areas of collaboration where our expertise aligns with our investment aspirations,” Al Mamari said.
“Angola possesses promising potential in the energy sector, and we look forward to working together to develop economically viable projects that deliver sustainable added value for both parties.” He said the agreements reflected OQ’s strategy of building international partnerships that support growth, strengthen the Sultanate of Oman’s presence in global markets and increase the value generated by the energy industry.
The Royal visit to Botswana also resulted in the signing of a memorandum involving O-Green that focuses on energy security.
Al Mamari said the company planned to transmit electricity generated by its projects in Botswana to neighbouring countries through a renewable energy plant that is under construction.
OQ operates an integrated portfolio spanning exploration and production, refining, petrochemicals, trading and alternative energy. Al Mamari said these capabilities allowed the group to identify projects offering tangible value to its partners.
He said OQ sought partnerships that combined expertise and capabilities, facilitated knowledge transfer and capacity building, and opened access to new markets.
Projects would be assessed on their economic viability and strategic alignment, with the objective of delivering sustainable benefits to the Sultanate of Oman and its African partners, he added.
OQ already has a commercial presence in several African markets through its subsidiaries. The agreements with Angola provide a framework for identifying further investments and expanding the group’s portfolio across the continent.— ONA