Omani state oil and gas firm OQ is looking to bring online major downstream projects in the coming months and put repeated delays firmly behind it. In a recently-released bond prospectus the firm outlined the extent to which the Covid-19 pandemic has exacerbated delays. Projects such as the Duqm refinery and Liwa petrochemical project are essential planks of Oman’s efforts to rejuvenate its struggling economy, and also to generate additional cash flow for the state firm.
OQ made an operating loss of OR1.58bn ($4.11bn) in 2020, in a dramatic swing from an OR395,000 ($1.03bn) profit for 2019. This was driven by a more-than 25% drop in revenues to OR5.39bn ($14.02bn), coupled with a huge OR1.34bn ($3.49bn) impairment, which was focused largely on its downstream activities. (CONTINUED - 1218 WORDS)