OQ, formerly known as Oman Oil Company, is an energy

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...

headquartered in

Muscat Muscat ( ar, مَسْقَط, ) is the capital and most populated city in Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is s ...

Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...

. It is a wholly owned subsidiary of the

Government of Oman A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

through the Oman Investment Authority. OQ is involved in sectors such as infrastructure and transportation for energy, oil refining, petrochemical production, oil marketing, and power generating. It operates in 17 different countries. As of June 2022, OQ produces more than 218,000 barrels of oil per day.

History

1982 to 2000

OQ was founded as the Oman Refinery Company in 1982. In 1996, Oman Oil Company was established by the Government of Oman. A separate company for gas, named Oman Gas Company, was established in 2000.

2002 to 2010

In 2003, Oman Oil Marketing Company (Oman Oil) was founded. Oman Trading International, a trading division, was established in 2006. Oman Refineries and Petrochemicals Co. was created in 2007 with the merger of Oman Refinery Company and Sohar Refinery Company. In 2009, Oman Oil Company Exploration & Production was founded. In 2010, the Programme Apple was initiated which aimed to integrate Oman Refineries and Petrochemicals Company, Oman Polypropylene Co., and Aromatics Oman Ltd. In the same year, Oman Oil Company signed a joint-venture with JBF Industries to erect a

Terephthalic acid Terephthalic acid is an organic compound with formula C6H4(CO2H)2. This white solid is a commodity chemical, used principally as a precursor to the polyester PET, used to make clothing and plastic bottles. Several million tonnes are produced annua ...

-PTA plant.

2011 to 2020

Following the initial phase of integration, Orpic was founded in 2011. In 2013, OQ acquired a German-based company, OXEA. OOC signed an exploration and production agreement with BP in 2013, to further develop the Khazzan-Makarem gas field. In 2014, construction of the Sohar Refinery Improvement Project started. In 2016, OOC secured a $4 billion

loan In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that d ...

to invest into various project over the coming years. In the following year OOC signed a

memorandum A memorandum ( : memoranda; abbr: memo; from the Latin ''memorandum'', "(that) which is to be remembered") is a written message that is typically used in a professional setting. Commonly abbreviated "memo," these messages are usually brief and ...

of understanding with

Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...

Eni Eni S.p.A. () is an Italian multinational energy company headquartered in Rome. Considered one of the seven "supermajor" oil companies in the world, it has operations in 69 countries with a market capitalization of US$54.08 billion, as of 11 Ap ...

. In 2017, a joint venture between Kuwait Petroleum International and OQ was announced for the development of Duqm Refinery & Petrochemical Complex. In the same year, OQ's subsidiary, Oman Tank Terminal Company (OTTCO), began construction of a crude oil storage terminal near Raz Markaz. In 2018, Oman Oil Company sold 10% of its 40% stake in the Khazzan gas field to

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

Petronas Petroliam Nasional Berhad (National Petroleum Limited), commonly known as Petronas, is a Malaysian oil and gas company. Established in 1974 and wholly owned by the Government of Malaysia, the corporation is vested with all oil and gas reso ...

and signed two concessions/agreements with

Occidental Petroleum Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the ...

(Oxy). 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. The NAKHLA programme was initiated in 2018. The construction of the

Duqm Refinery Duqm Refinery is an oil refinery under construction at the port town of Duqm in central-eastern Oman, expected to have a 230,000 barrels per day (bpd capacity). It is owned and operated by Duqm Refinery and Petrochemical Industries Company (DRPIC), ...

began the same year, as did the groundwork for the Salalah LPG and Salalah Ammonia Projects. Orpic Group merged with Oman Oil Company in 2019, and the combined business was given the moniker OQ. OQ is an acronym for "Oman" and "Quality". In August 2020, OQ and the Ministry of Heritage and Tourism collaborated to announce the opening of a tourist centre at the archaeological site in the Wilayat of Al Dibba.

2021 to present

In September 2021, an announcement was made that OQ was considering sale of its German subsidiary, Oxea, a chemicals business, for about $3 billion. OQ Chemicals has two manufacturing sites in Germany that make a range of oxo intermediates and derivatives. In October 2021, OQ, Marubeni Corporation, Linde, and Dutco decided to explore the possibility of producing green ammonia and green hydrogen in Salalah. In December 2021, Liwa Plastics Industries Complex (LPIC) project in Sohar was inaugurated. The work on the project started in May 2020. With two polyethylene facilities, it has the capacity to produce 880,000 tonnes of linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE) annually. In December 2021, Saudi Basic Industries Corp (SABIC) and OQ signed a Memorandum of Understanding (MoU) to study the possibility of building a petrochemical project in the Duqm Free Zone. In May 2022, Trend Micro and OQ inked a Memorandum of Understanding (MOU), under which Trend Micro would secure OQ's digital infrastructure from cyber threats. In July 2022, OQ signed an agreement with the Ministry of Higher Education, Research, and Innovation to fund the construction of vocational colleges with an allocation of OMR 200,000.

Operations

The OQ is invested into different main sectors through its network of subsidiaries. These include

petrochemical Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sou ...

refining {{Unreferenced, date=December 2009 Refining (also perhaps called by the mathematical term affining) is the process of purification of a (1) substance or a (2) form. The term is usually used of a natural resource that is almost in a usable form, b ...

and marketing,

metal A metal (from Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when freshly prepared, polished, or fractured, shows a lustrous appearance, and conducts electricity and heat relatively well. Metals are typicall ...

and

mining Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic via ...

and services. OQ Company runs operations via four main subsidiaries: * Takamul Investment Company S.A.O.C ** Oman India Fertilizer Co. (OMIFCO) ** Oman Oil Refineries and Petroleum Industries Company (ORPIC) ** Salalah Methanol Co. (SMC) ** Minerals Development Oman (MDO) *** Innovation Development Oman Holding (IDO) hares transferred to OIA*** Vale Oman Pelletizing Company (Vale Oman) *** Takatuf Oman ***

Sohar Aluminium Sohar Aluminium Company is the first Aluminium smelter in the Sultanate of Oman. Established in 2004, it is under the ownership of Oman Oil Company, Abu Dhabi National Energy Company PJSC – TAQA and Rio Tinto, a leading aluminium mining and produ ...

Company (SAC) * 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: * OXEA - Germany (100%) --> Oxea is now OQ Chemicals May 2020 * Blackrock Metals Company – Canada (2.8%) * MOL – Hungary (7%) *

Redes Energéticas Nacionais REN - Redes Energéticas Nacionais, SGPS, S.A. (formerly Rede Eléctrica Nacional S.A.) is a Portuguese energy sector company which is the current concession holder of the country's two main energy infrastructure networks: the National Electricity ...

(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 Bharat Oman Refineries Limited (BORL) which is under the ownership of Ministry of Petroleum and Natural Gas of the government of India. It owns and operates Bina Refinery, located at Bina in the Bina-etawa district of the state of Madhya Prade ...

(BORL) – India (26%) * Compañia Logística de Hidrocaburos S.A (CLH) – Spain (10%)

Divisions

Feed, food, and agriculture

Feed, food and agriculture division, covers areas such as

animal nutrition Animal nutrition focuses on the dietary nutrients needs of animals, primarily those in agriculture and food production, but also in zoos, aquariums, and wildlife management. Constituents of diet Macronutrients (excluding fiber and water) provide ...

crop protection Crop protection is the science and practice of managing plant diseases, weeds, and other pests (both vertebrate and invertebrate) that damage crops and forestry. Crops include field crops (maize, wheat, rice, etc.), vegetable crops (potatoes, cabb ...

herbicide Herbicides (, ), also commonly known as weedkillers, are substances used to control undesired plants, also known as weeds.EPA. February 201Pesticides Industry. Sales and Usage 2006 and 2007: Market Estimates. Summary in press releasMain page fo ...

pesticide Pesticides are substances that are meant to control pests. This includes herbicide, insecticide, nematicide, molluscicide, piscicide, avicide, rodenticide, bactericide, insect repellent, animal repellent, microbicide, fungicide, and lampri ...

and its handling, and

human nutrition Human nutrition deals with the provision of essential nutrients in food that are necessary to support human life and good health. Poor nutrition is a chronic problem often linked to poverty, food security, or a poor understanding of nutritiona ...

Flexible and rigid packaging

OQ provides flexible packaging for transportation, retail spaces, and for consumers' cupboards. Some other consumer-facing industry sectors, include cosmetics, electronics, pharmaceuticals, and sporting goods. OQ provides rigid packing products for food, consumer goods, houseware, electronics and industrial packaging.

Infrastructure and construction

OQ is active in

research and development Research and development (R&D or R+D), known in Europe as research and technological development (RTD), is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existi ...

(R&D) of different products. OQ is utilizing its research to develop infrastructure in sectors such as geosynthetics, pipes system, tanks and fittings.

Lubricants and functional fluids

OQ provides carboxylic acids, polyols, synthetic polyol ester base oils, and amines.

Paints and coatings

OQ's n/iso butyl acetate is used in different applications such as automotive, aerospace, concrete and wood finishes, or as nail polish in cosmetics. Another product, TMP, is used for alkyd and polyester coatings resins and for UV curable alkyd resins, while NPG is used in the production of powder coatings for architectural, automotive, appliances, lawn and garden equipment.

Pharmaceutical and medical care

OQ produces biocidal alcohols which are used in hand sanitizers and as a specialty amines.

References

External links

* {{official website, http://www.oq.com Non-renewable resource companies established in 1982 Oil and gas companies of Oman National oil and gas companies Companies based in Muscat, Oman