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Oman’s OQ posts hefty RO 701m profit in 2021

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Key trends: Buoyant prices of energy, commodities boost revenue

OQ, the global integrated energy group of the Sultanate of Oman, posted a profit of RO 701.664 million for the year ended December 31, 2021 after recording a loss RO 1,716.944 million during the previous year.

The company – wholly owned by Oman Investment Authority (OIA) – announced its full-year results for 2021, which have now been published on its website.

A consolidated financial statement of the parent company OQ and its subsidiaries reveals that total revenue surged to RO 8.768 billion in 2021, up from RO 5.393 billion in 2020 – a year characterised by global economic turmoil compounded by the coronavirus pandemic. Operating profit climbed to RO 958.791 million versus an operating loss of RO 1.575 billion in 2020.

OQ Group, with assets totalling $27.6 billion as of June 30, 2021, owns and operates businesses across the Oil & Gas value chain. Included in its vast portfolio are equity interests in a sizable number of operated and non-operated oil and gas fields in the Sultanate of Oman and abroad, refining and petrochemicals plants, specialty chemical projects overseas and the country’s gas transportation network.

The group’s footprint encompasses, besides the Sultanate of Oman, the United Arab Emirates, India, Pakistan, Korea, China, Hungary, Portugal, Spain, Chile, Netherlands, United Kingdom, Brazil, Japan, Germany, United States of America and Kazakhstan.

During the year ended December 31, 2021, OQ Group completed the commissioning of OQ LPG (SFC) LLC, a major LPG plant in Salalah, and OQ Plastic LLC plants located in Sohar Industrial Port.

In May 2021, OQ announced the successful execution of its inaugural bond issuance which helped raise $750 million from international debt capital markets. Its bond issuance attracted the participation of investors and financial institutions from around the world. It has been listed on the London Stock Exchange.

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