With Omani state energy firm OQ entering its fifth year, it has started to show the outline of its trajectory. Formed at the end of 2019 through a merger of Oman Oil (OOC) and Oman Oil Refineries & Petroleum Industries (Orpic) its goal was to be “a catalyst for change” according to then-CEO Musab al-Mahrouqi (MEES, 20 December 2019). And change it has.
Since 2019, the firm has weathered the effects of a global pandemic, brought online what it calls “key growth projects,” and progressed an ambitious divestment campaign (MEES, 7 May 2021). According to the company’s 2023 annual report overall profits last year slipped to $2.5bn from 2022’s record $3.9bn. But the real story lies in its downstream segment which has not only managed to stay in the black (see chart 1) but has seen a slew of new projects boost downstream production. (CONTINUED - 848 WORDS)
