Overview
OQ Group was formed in 2019 through the merger of Oman Oil Company (the government’s energy investment vehicle) and Orpic (Oman Refineries and Petrochemicals Company) into a single integrated energy conglomerate. The merger created a vertically integrated entity spanning:
- Upstream exploration and production (outside PDO’s Block 6)
- Refining (Muscat Refinery, Sohar Refinery)
- Petrochemicals (Oman Polymers, Liwa Plastics)
- LPG and fuel marketing (Oman Oil Marketing Company)
- Renewables and low-carbon (green hydrogen partnerships)
- International investments in energy assets across multiple jurisdictions
OQEP IPO (2024)
A landmark transaction in Vision 2040’s capital market development: OQ Exploration and Production (OQEP), OQ’s upstream subsidiary, was listed on the Muscat Stock Exchange in 2024. The IPO:
- Raised approximately OMR 975 million (~$2.5 billion)
- Was Oman’s largest-ever equity listing
- Priced at 820 baisa per share with high oversubscription
- Offered 25% of OQEP to public investors, with OQ retaining 75%
The OQEP IPO serves multiple Vision 2040 objectives: deepening Oman’s capital markets, improving corporate governance through public listing obligations, creating an investment vehicle for Omani retail and institutional investors, and demonstrating the viability of state enterprise partial privatisation.
Downstream: Sohar Complex
OQ’s Sohar Industrial Port Complex hosts one of the most concentrated downstream energy clusters in the Middle East:
- Sohar Refinery (116,000 bpd capacity) — integrated with the petrochemical complex
- Oman Polymers — polypropylene production
- Sohar Aluminium — 375,000 tonnes per annum (though technically a separate JV)
- Liwa Plastics — a major investment in PVC and chlor-alkali production, adding downstream value to ethane feedstock
The Duqm Refinery (230,000 bpd, a JV between OQ and Saudi Aramco) represents OQ’s largest single downstream project — operational since 2024 and designed to process a variety of crude grades for domestic consumption and export.
Green Hydrogen Ambitions
OQ is a partner in the Hyport Duqm green hydrogen project (with Shell, Uniper, and Engie) and has its own internal green ammonia project. OQ’s participation in green hydrogen is both a diversification move and a decarbonisation commitment — aligning the company’s long-term strategy with Oman’s net-zero 2050 target.