GPCA ’22: Oman OQ’s $28bn investment plan to include petrochemicals
RIYADH (ICIS)–Oman state energy firm OQ will continue to invest in multiple sectors, including petrochemicals, as part of its $28bn plan for large-scale growth projects, a senior company executive said on Thursday.
The company’s planned projects will also include “alternative energy projects and upstream operations”, OQ chief executive of strategy & transformation Al Muthir Al Kharusi told ICIS on the sidelines of the Annual Gulf Petrochemicals and Chemicals (GPCA) Forum.
“Oman has committed to decarbonisation to reach its goal of Net Zero by 2050; these projects are just the start of the effort and there will be many more to come,” Al Muthir said.
The company’s investments will be “primarily focused on growth in the local economy as it sees significant potential within Oman”, he said.
“OQ plays a major role in Oman Vision 2040 on many fronts including decarbonisation as we account for roughly 20% of emissions,” Al Muthir said.
“Also, we are at the forefront of privatisation as we hold a very large asset base and within the arena of alternative energy where OQ will play a major role with its investments in green energy projects,” he said.
OQ recently signed a memorandum of understanding (MoU) with the Oman-India Fertiliser Company (OMIFCO) to study the feasibility of blue ammonia production in Sur.
Commenting on the MoU, Al Muthir said that “OMIFCO is an asset where we see promise and increased value for the planned decarbonisation efforts hence it is stands at high priority”.
Looking ahead, Al Muthir said that “while there are many negative headwinds that seem to be forming in 2023, the market is extremely dynamic and unpredictable [so] it is too early to tell if these fears will be realized”.
“OQ will continue to reduce costs, improve operational effectiveness, and invest in future businesses where it sees long term value,” he added.
The Annual GPCA Forum in Riyadh, Saudi Arabia, runs on 6-8 December.
Interview article by Nurluqman Suratman
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