Overview
OQ Group is Oman’s state-owned integrated energy company, formed through the consolidation of several government energy entities including Oman Oil Company and Orpic Group. The merger, completed in 2019, created a vertically integrated entity spanning the full energy value chain from exploration and production through refining, petrochemicals, and marketing. OQ Group operates both domestically and internationally, with investments and operations across multiple countries. The company is positioned as a key driver of Oman’s energy transition strategy, investing in renewable energy, green hydrogen, and sustainable chemical production alongside its traditional hydrocarbon operations.
Key Facts
- Formed in 2019 through merger of Oman Oil Company and Orpic Group
- Operates across the full energy value chain: upstream, midstream, downstream, and trading
- Employs thousands of workers across Oman and international operations
- Key assets include the Duqm Refinery, Sohar Refinery, and Liwa Plastics complex
- OQEP IPO in 2024 raised significant capital and broadened public ownership
- Investing in green hydrogen and renewable energy projects
- Reports to the Oman Investment Authority as majority shareholder
Significance for Vision 2040
OQ Group embodies Vision 2040’s dual mandate of maximizing value from existing hydrocarbon assets while simultaneously building capabilities in sustainable energy. The company’s downstream operations in refining and petrochemicals add value to raw crude oil, supporting economic diversification by creating industrial employment and export revenues beyond simple oil sales. OQ’s investments in green hydrogen at Duqm and other locations position Oman as a potential global leader in clean energy exports. The OQEP IPO demonstrated the government’s commitment to capital markets development and partial privatization of state assets. As the energy transition accelerates globally, OQ Group’s ability to balance legacy operations with forward-looking investments will be critical to Oman’s economic competitiveness and environmental commitments under Vision 2040.