OQ (company)

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OQ
TypeGovernment owned
IndustryOil and gas
Founded2019 (2019)
FounderGovernment of Oman
Headquarters
Muscat
,
Oman
Key people
Mulham Basheer Al Jarf (Chairman)
Musab bin Abdullah Al Mahruqi (Group CEO)
OwnerGovernment of Oman
Websitewww.oq.com

OQ is a national petroleum investment company of Oman. It is wholly owned by the Government of Oman. In addition to the oil and gas exploration and production, the company also invests in power generation, energy transportation and infrastructure, oil refining, and petrochemicals manufacturing. It has invested to over 50 projects across 15 countries.[citation needed]

History[]

Creation of the Oman Oil Company was proposed in 1992 and the company was established in 1996.[1]

In 2010, Oman Oil Company signed a joint-venture with JBF Industries to erect a Terephthalic acid-PTA plant.[2] OOC signed an exploration and production agreement with BP in 2013, to further develop the Khazzan-Makarem gas field.[3] In 2014, OOC's CEO Ahmed Al Wahaibi was sentenced to 23 years in jail, following a trial involving bribery, abuse of office and money laundering.[4]

In 2016, OOC secured a $4 billion loan to invest into various project over the coming years.[5] In the following year OOC signed a memorandum of understanding with Spains Eni.[6] In 2018, Oman Oil Company sold 10% of its 40% stake in the Khazzan gas field to Malaysia's Petronas and signed two concessions/agreements with Occidental Petroleum (Oxy).[7][8][9]

Previously rumored plans for privatization of the Oman Oil Company, appear to currently have been put on hold.[10] In November 2018, OOC announced that the company will be merged with refining company Orpic, which had been created in 2011 to operate Oman's downstream assets.[11]

Operations[]

The OQ is invested into different main sectors through its network of subsidiaries. These include petrochemicals, refining and marketing, metal and mining and services.

OQ Company owns a 49% stake in the Oman Oil Marketing Company which has a network of 179 retail filling stations across Oman under the brand name OmanOil.[citation needed]

OQ Company runs operations via four main subsidiaries:[12]

  • Takamul Investment Company S.A.O.C
  • Oman Oil Company Exploration and Production
  • Oman Oil Facilities Development Company L.L.C
  • Oman Oil Duqm Development L.L.C

The companies international assets are under direct control of the OOC, which has an international investment unit. These include:[12][13]

  • OXEA - Germany (100%) --> Oxea is now OQ Chemicals May 2020
  • Blackrock Metals Company – Canada (2.8%)
  • MOL – Hungary (7%)
  • Redes Energéticas Nacionais (REN) – Portugal (15%)
  • Oman Trading International (OTI) – UAE (70%)
  • Gulf Energy Maritime (GEM) – UAE (30.4%)
  • Orient Power Company Limited (OPCL) – Pakistan (42.8%)
  • Planta de Regasification de Sagunto (Saggas) – Spain (7.5%)
  • Qingdao Lidong Chemical Ltd. – China (30%)
  • GS Electric, Power & Services (GS EPS) – South Korea (30%)
  • Qingdao Lixing Logistics – China (30%)
  • Bharat Oman Refinery Limited (BORL) – India (26%)
  • Compañia Logística de Hidrocaburos S.A (CLH) – Spain (10%)

Management[]

As a fully government owned company, OOC is controlled by the board of directors, which is chaired by Minister of Oil and Gas, Mohammed Al Rumhi and vice chairman, Salim Al Habsi. The board of directors controls the Chief Executive Officer through various advisory panels, who in turn are in charge of the four Executive Managing Directors, which operate OOC's four main subsidiaries / arms.

See also[]

References[]

  1. ^ "Oman Oil Company Appoints CEO". Zawya. 2004-08-30. Archived from the original on 2011-06-17. Retrieved 2011-01-06.
  2. ^ "Oman Oil Sign Joint Venture Pact". JBF Industries. February 1, 2010. Retrieved January 24, 2019.
  3. ^ "BP and Oman Agree to Jointly Develop a Gas Field, With Bigger Goals in Mind". New York Time. December 16, 2013. Retrieved January 24, 2019.
  4. ^ "CEO jailed for 23 years in graft case: court". Reuters. February 27, 2014. Retrieved January 24, 2019.
  5. ^ "UPDATE 1-Oman oil company PDO raises $4 bln of project financing". Reuters. June 29, 2016. Retrieved January 24, 2019.
  6. ^ "Form 20-F". The New York Times. Retrieved January 24, 2019.
  7. ^ "Crude Prices Lose Steam on Rising Stocks—Energy Journal". The Wall Street Journal. October 19, 2018. Retrieved January 24, 2019.
  8. ^ "Malaysia's Petronas Set to Buy 10% Stake in Giant Oman Gas Field". The Wall Street Journal. October 28, 2018. Retrieved January 24, 2019.
  9. ^ "Oman signs exploration agreements with Occidental Petroleum". Reuters. December 16, 2018. Retrieved January 24, 2019.
  10. ^ "Hopes Dashed For a Middle East Markets Bonanza". The Wall Street Journal. December 16, 2018. Retrieved January 29, 2019.
  11. ^ "Oman Oil Company, Orpic to merge". The Oil and Gas Year. November 19, 2018. Retrieved January 29, 2019.
  12. ^ Jump up to: a b "Takamul Investment Company SAOC". Oman Oil Company. Retrieved January 29, 2019.
  13. ^ "China Gas Flares Up". The Wall Street Journal. January 5, 2012. Retrieved January 29, 2019.

External links[]

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