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Sustainability at OQ

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Sustainability at OQ

Climate change, sustainable development and social justice are amongst the most critical challenges facing humanity today. Governments and companies are responding to these challenges by aligning their strategies and core businesses around global directives and initiatives that seek to minimise the impacts of these risks and eliminate them in the long run.

The Paris Convention on Climate Change, the United Nations Sustainable Development Goals (UN SDGs), the United Nations Global Compact (UNGC) and the United Nations Guiding Principles for Business and Human Rights (UNGPs) are some of the many global initiatives and guidelines addressing social, environmental and economic sustainability and wellbeing.

Since the inception of OQ, we have recognised and highlighted our current progress on targeting these issues. We are committed to taking the additional steps needed to demonstrate how environmental integrity, climate change, human rights, sustainable development and other sustainability-related key areas are directly aligned with our operations, investments and corporate strategy.

Strategy Framework

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Strategy Framework

At OQ, we aspire to drive sustainable practices in order to be a leading global integrated energy company delivering business excellence, the Omani way. We seek to deliver business excellence and sustainability while maintaining a high standard of ethics, integrity and governance. This is reflected in our work by being efficient, managing productivity, making the most of our resources, investing in our employees and creating opportunities while adhering to relevant policies and regulations. At the same time, we are committed to striking a balance between developing both our business and the local communities where we operate.

Our strategy guides how we tackle sustainability matters that confront our customers and us in today’s dynamic business environment. As a result of the materiality analysis we have conducted, we identified the topics that are material to OQ. Our stakeholders expect from us good corporate governance and compliance, product stewardship, energy efficiency and emissions reduction, investing in renewable energy and environmental technologies, and focusing on our suppliers' environmental assessment.

Achieving Business Excellence

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Achieving Business Excellence

  • Enhancing our economic performance and contribution through research and development in alternative energy
  • Enhancing our market presence, offering our customers access to responsible energy through our products and services
  • Increasing our profitability through innovation
  • Enabling our supply chain to procure services and products by developing SMEs and entrepreneurs through different programmes 

Working Towards Sustainability

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Working Towards Sustainability

  • Improving the social well-being of our employees, contractors and communities where we operate, and maintaining high levels of health and safety among our employees and contractors
  • Offering equal opportunities and encouraging workplace diversity and inclusion, in addition to developing our human capital by building their capacity to attend to the rapidly changing business environment and growth
  • Managing our environmental footprint by applying mitigation and control through implementation of monitoring systems, and by reducing our impacts on the environment
  • We also aim to invest in the local biodiversity for enhanced environmental impact by designing and carrying out communication and awareness campaigns in collaboration with community members and other stakeholders

Each pillar of the Sustainability Framework has clear objectives and is reinforced by various initiatives. We focus on achieving delivering our Sustainability agenda based on the highest international standards, using a wide range of methods and tools to cope with changes we face in the markets we operate in. We believe that our approach to delivering business excellence the Omani way is the key factor determining our long-term success.

Sustainability Governance and Management

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Sustainability Governance and Management

Throughout the integration journey that began in December 2018, we have worked to ensure that all our efforts keep working together, along with our ever-changing growth in our vision, ambitions and strategy. To ensure effective management of sustainability from day one, we began by establishing a sustainability committee as an advisory and decision-making body. It consisted of key internal stakeholders and subject matter experts who guide our sustainability agenda. Reporting directly to our Group CEO, the committee members met on a regular basis to review and monitor our performance, set targets and agree on the way forward.

OQ has since established a thorough and highly-specialised sustainability department with various functions and oversight. The Sustainability department and its operational structure will be in effect in the upcoming fiscal year to ensure that sustainability is further managed from within the business, and to ensure that the adequate expertise and capital are put to achieve our ambitious targets and aspirations in line with numerous sustainability guidelines and frameworks.

To ensure that our sustainability approach and areas of focus are influenced by a spectrum of sustainability priorities, we referred to the following guidelines and frameworks. The elements of each aligned framework have been mapped to all our material topics and focus areas, all illustrated in the GRI Standards Content Index at the end of this report.

The United Nations Sustainable Development Goals

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The United Nations Sustainable Development Goals (UN SDGs)

The UN SDGs is a blueprint of collective international efforts to achieve a more sustainable future for all. This blueprint consists of 17 overarching goals that are all focused on environmental, social and economic global challenges that we face today. The sole objective of these goals and their targets is to leave no one behind, where all defined targets are to be achieved by 2030.

The United Nations Global Compact

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The United Nations Global Compact (UNGC)

The UNGC is a directive issued by the United Nations to encourage businesses worldwide to adopt sustainable and socially responsible policies and report on their implementation. The compact calls all companies to align their strategies and operations with universal principles on human rights, labour, environment and anti-corruption and take actions that advance societal goals.

The Global Reporting Initiative

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The Global Reporting Initiative (GRI)

The Global Reporting Initiative is an international independent standards organisation that helps businesses, governments, and other organisations understand and communicate their impacts on issues such as climate change, human rights, societal well-being and corruption, and to execute benefits for all stakeholders. The standards were developed with genuine multi-stakeholder involvement and contributions and rooted for public interest.

Oman Vision 2040

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Oman Vision 2040

The Oman Vision 2040 is an ambitious yet practical vision that was initiated at the direction of His Majesty Sultan Qaboos bin Said – May his soul rest in eternal peace. The vision was built on a wide community consensus and participation of many different social groups. The vision is therefore immersed in the economic and social realities and objectively orientated towards the future foresight, acting as a key guide and reference for planning in the next two decades.