OQ (formerly Oman Oil and Orpic Group) – the Sultanate’s integrated energy and petrochemicals powerhouse – has announced the formal establishment of a new business stream focused on investments in renewable and alternative energy resources.
Dubbed ‘Alternative Energy’, it adds to a substantial portfolio of business lines encompassing, among others, the Upstream, Downstream, Commercial, Duqm Refinery and Petrochemicals Cluster, and Projects segments of the integrated group.
“The establishment of the Alternative Energy (AE) function, as one of our business lines, will enable us to move towards a new future and allow us to become a more diversified company, contributing to the nation’s development along the way,” said the wholly Omani government-owned group in a post on Tuesday.
Outlining OQ’s vision for this new business segment, the Group said: “Alternative Energy has been one of OQ’s strategic priorities and is key to achieving our 2030 aspiration of an ‘integrated energy company delivering sustainability and business excellence, the Omani way’. We are pleased to announce OQ’s Alternative Energy (AE) strategy and the establishment of AE as a new business line, alongside Upstream and Downstream.”
OQ also announced the appointment of Ayad al Balushi (pictured) as head of the new business line. As Chief Executive for Alternative Energy, “Ayad will be leading this promising and captivating new energy sector which will make us more diversiﬁed, and resilient during downturns”, OQ further stated.
Following its rebranding and revamp last December into an integrated energy conglomerate, OQ had revealed that the Group’s Board had green-lighted a strategy for investments in renewables, including solar and wind, among other related initiatives. A fund has been instituted to invest in renewable energy and technology in general, a top official said, noting that energy efficiency would also be a key area of focus for the Group.
With the addition of renewables and alternative energy resources to its substantial business portfolio, OQ is set to position itself as an end-to-end, integrated energy giant, encompassing not only hydrocarbon-based fuels but potentially low-carbon fuels, such as hydrogen.