OQ, the global integrated energy group, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of USD 2.3 billion for the first half of 2023. Additionally, the group posted a net profit of USD 1.1 billion and reported total assets amounting to USD 31.2 billion.
OQ, the global integrated energy group, has been honoured with the prestigious ICF Coaching Impact Award by the International Coaching Federation (ICF). The award recognises OQ's exceptional use of coaching to enhance organisational culture, attain remarkable objectives, empower staff, and drive national progress. Presented biennially to the foremost emerging organisation, the award signifies the highest global coaching standards.
Fitch Ratings, the international credit rating agency, has upgraded OQ's standalone credit profile (SCP) from “b+” to “bbb-” and reaffirmed the Long-Term Issuer Default Rating (IDR) at 'BB', with positive outlook, this represents a significant improvement as OQ is now rated as investment grade. It attributed the new rating to OQ’s ability to meet its long-term financial obligations.
OQ Trading Ltd (OQT), an energy trading entity owned by OQ, the global integrated energy group, signed on Monday, June 19th, a new LNG Sales and Purchase Agreement (SPA) with Petrobangla, a state-owned company responsible for the exploration, production, and distribution of oil, gas, and mineral resources in the Bangladesh.
OQ, the global integrated energy group, and SAP global technology company signed an MoU for new cloud-based solutions and activities, at the COMEX technology event, Muscat. The partnership will explore the viability of migrating OQ’s SAP IT systems and portfolio of assets to SAP’s leading ERP platform and explore other digital innovation initiatives.
The Marsa Al Khair convoy, organised by the global integrated energy group OQ, has successfully completed its journey across seven coastal Omani governorates from Musandam to Salalah. Launched in celebration of the holy month of Ramadan, the convoy aimed to raise public awareness about the importance of alternative energy. Two wind-powered sailboats navigated along the coastline throughout the journey.
At Chinaplas, one of the world's largest and most significant trade fairs for plastics and rubbers, in Shenzhen, China, OQ, an integrated energy company from Oman, is proudly showcasing its solid insights and advanced solutions for rigid packaging to help customers across Northeast Asia (NEA) and Southeast Asia (SEA) better capture market demand.
OQ, the global integrated energy group, signed an agreement today with the Ministry of Agriculture, Fisheries and Water Resources (MAFWR) to plant 250,000 seedlings of wild trees. This agreement aims to enhance efforts to expand the green area by planting 10 million wild trees as part of OQ’s green initiative. The Agricultural Development Fund will oversee and follow up on the implementation of this agreement.
OQ, the global integrated energy group, has laid the foundations for sustainability for its activities and operations for the next three years. This falls under its stalwart commitment to a sustainable future that enhances the added value of Oman’s natural resources. The plan is based on a comprehensive framework that focuses on several vital goals such as carbon neutrality, health, and safety, reducing work accidents, diversity as well as promoting inclusiveness within its work environment.
OQ, a global integrated energy group, announced today that it sold its stake in Vale Oman Pelletizing Company LLC, which accounts for 30% of the company’s shares. By virtue of this agreement, Vale Oman became a 100% foreign shareholding company.