OQ forges clear path to secure country's energy future

In 2024, OQ delivered two major IPOs, while also ramping up Duqm refinery to 110 per cent capacity, pushing green hydrogen pilot plans, and demonstrating digital innovation and global growth ambitions

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OQ'S 2024 performance paints a compelling portrait of an energy powerhouse evolving at pace.

Riding a wave of solid growth, the company delivered not only stellar IPOs but also operational mastery at its state-of-the-art Duqm refinery, moved decisively into green hydrogen, strengthened its balance sheet and embraced digital transformation, all while nurturing Oman’s talent and future ambitions.

OQ's most striking achievement came via the capital markets. The IPO of its exploration and production arm, OQEP, saw $5.5 billion in demand (2.4 times oversubscribed) the largest in Omani history. Its chemicals arm, OQBI, quickly followed with a $1 billion IPO, oversubscribed 2.1 times.

These listings propelled four IPOs in just two years, dramatically reshaping Oman's capital market landscape.

The Duqm refinery, a $9 billion greenfield venture and 50/50 JV between OQ and Kuwait Petroleum International, burst beyond expectations.

Having begun operations in late 2023 with design capacity of 230,000 barrels per day (bpd), OQ8 recorded a 10 per cent overperformance, reaching 255,000 bpd; surpassing nameplate capacity and passing a demanding lenders’ reliability test. That unlocked $4 billion in shareholder guarantees.

With output stabilising at more than 110 per cent of design capacity, the refinery offers feedstock flexibility, while exporting over 4.1 million tonnes of refined product in 2024.

Its operational excellence signals OQ's readiness to scale Duqm as a major regional energy hub.

OQ's 2024 performance showed the company navigating complex global dynamics with strategic acumen and financial discipline.

The Group recorded an impressive EBITDA of $2,846 million and a net profit of $1,337 million.