Duqm Refinery posts EBITDA of RO 106 million in 2025

MUSCAT, MAY 9

Duqm Refinery and Petrochemical Industries Company posted EBITDA of approximately RO 106 million in 2025, underscoring the refinery’s strong operational performance, healthy cash-generation capability and growing contribution to the financial strength of the OQ8 joint venture.

This compares with EBITDA losses of about RO 124 million recorded in 2024, said Ashraf bin Hamad al Maamari, Group CEO of OQ Group, which represents one half of the 50:50 JV with Kuwait Petroleum International in OQ8.

Al Maamari added that the turnaround in the company’s financial performance came at the end of a “transformation strategy” implemented by OQ8 and concluded by end-2024.

“Structural and commercial improvements also eliminated the need for additional shareholder funding and delivered a year-end financial surplus, reflecting the direct positive impact of the comprehensive transformation plan on the refinery’s financial and operational efficiency”, he added in an interview featured in the latest edition of ‘Enjaz & Eejaz’, the quarterly newsletter of the Oman Investment Authority.

Significantly, overall refining capacity in the Sultanate of Oman has also grown to 569 thousand barrels per day, driven by the commissioning of the Duqm Refinery and Petrochemical Industries Company and major enhancements at Sohar Refinery and Mina Al Fahal Refinery, said the official.

“This integrated production system now enables the Group to distribute and market its products in more than 80 countries, reinforcing OQ’s position as one of the leading global players in the energy sector”, he said.

Al Maamari highlighted in particular the “comprehensive changes” that delivered “significant achievements” at OQ Refining and Petrochemical Industries Company and Duqm Refinery and Petrochemical Industries Company in recent years. At OQ RPI, operational efficiency improved markedly following deep enhancements that enabled the processing of 93 million barrels of Omani crude per year in 2025, compared with around 86 million in 2021. At the same time, the company completed the first phase of its transformation plan (2022–2024), contributing, among other outcomes, to cumulative profits of RO 474 million from 2021 to 2025.

Furthermore, upstream oil and gas companies operating under the OQ Group boosted their oil and condensate production from 109 thousand barrels per day in 2021 to more than 224 thousand barrels per day in 2025, representing 14 per cent of Oman’s total production.

OQ Trading, the Group’s marketing arm, successfully diversified its portfolio by expanding its fertiliser and ammonia businesses and delivering “strong commercial results that surpassed initial expectations”, he said.

This overall progress was reflected in the Group’s performance in 2025, with consolidated revenues increasing to approximately RO 15.9 billion by the end of 2025, compared with around RO 9 billion in 2021. Meanwhile, the outstanding loan balance decreased from about RO 5.3 billion in 2021 to around RO 2.8 billion by the end of 2025, Al Maamari added.