OQ, the global integrated energy group of the Sultanate of Oman, is eyeing growth opportunities in China's increasingly open market and green industry, OQ chief executive of commercial & downstream, Hilal al Kharusi, said.
The state-owned OQ — a part of Oman Investment Authority — which operates in oil and gas, refining and petrochemicals, has been expanding its presence in China and is now well-positioned to benefit from the country's huge market and growing demand for energy.
China has long been an important market for OQ, with the company exporting crude oil and liquefied natural gas (LNG) to the country. OQ officially entered China in 2010.
However, recent policy changes in China have opened up new opportunities for the company. Following the country's pledge to achieve carbon neutrality by 2060, China is investing heavily in renewable energy and clean technologies, creating a huge demand for hydrogen.
“China has published statistical data and growth target that reflect the strong signal that its economy is recovering very fast and therefore is creating huge opportunities for companies like OQ across the globe. A thriving economic environment and improving business policy would certainly empower us to be well-positioned in the China market in the coming years," Al Kharusi said in an interview to China Daily.
OQ expects to see “growth across its business units including polymer, chemicals and trade in China. It also attaches great importance to enhancing local product research and development while stimulating more demand for its products in the local market,” he added.
As part of its drive to expand polymer horizons, OQ views China as a valued partner to make more possible. Recently, OQ participated in Chinaplas 2023 showcasing its solid insights and advanced solutions for rigid packaging to help customers across northeast and southeast Asia better capture market demand. OQ made its inaugural presence at Chinaplas in 2021, highlighting the importance of the Chinese market.
OQ’s expansion into China is part of its broader strategy to diversify its operations and expand its global footprint. The company has been investing heavily in research and development of new technologies, and has established partnerships with leading companies around the globe.
Overall, OQ expansion into China's energy market is a positive development for both countries. It will help China meet its growing demand for energy, while also supporting Oman's efforts to diversify its economy and reduce its reliance on oil and gas exports. It is also a testament to the company's commitment to innovation and sustainable development, and its ability to adapt to changing market conditions.
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