December 17, 2019

Oman Oil and Orpic Group Inaugurates New Brand OQ

Press release

Oman Oil and Orpic Group today launched its new brand (OQ) which is the culmination of a year of integrating nine core businesses under a new brand identity which embodies energy movement in colours that reflect boldness and flexibility in one entity that would build a better and more integrated future.

The inauguration ceremony was held under the patronage of Dr. Mohammed bin Hamed al Rumhi, Minister of Oil and Gas, and Chairman of the Board of Directors of Oman Oil and Orpic Group.

The first letter of the new identity (O) was derived from the name of Oman, the history of the basic companies and the promising opportunities that integration will provide in the energy sector. The second letter (Q) expresses the company's appreciation and pride in the name of the late His Majesty Sultan Qaboos Bin Said. The identity translates the company's keenness on quality and its passion towards uniqueness, challenge, and a constant pursuit of a new vision and a bright tomorrow for this giving country.

Musab bin Abdullah al Mahrouqi, Group CEO said: "The group has already generated over USD 280 million in quick wins, translating to cost savings and revenue uplift in 2019. Our current GDP contribution is USD 20 Billion, and Net Profit of USD 556 Million, while the asset base stands today at USD 27.9 Billion."
He added: "By 2030, the group plans to grow our total oil equivalent, managed by the Group from 655,000 barrels per day to 1 million per day, and drive an increase in value per barrel to USD 25, in turn doubling our current GDP contribution of USD 10 Billion to USD 20 Billion. As a catalyst for change, the new integrated company will also facilitate foreign direct investment and private-sector participation in the energy sector."

He said: "The group has set plans to invest USD 28 Billion in future growth projects of which USD 18 Billion has been earmarked for Duqm Refinery and the future Duqm Petrochemicals projects. The group also aims to tap into new business lines including alternative energy, gas management and retail. Today, the new company offers more than 30 products sold to over 2000 customers in 60-plus countries worldwide."

He also said: "It is expected that the group's downstream production will increase from its current 15 million tons to 24 Million tons by 2030, while the commodity sales volumes will double from 21 Million tons to 40 Million tons by 2030. At the same time, the group's upstream production, including both operated concessions and joint ventures, will rise from its present 150,000 barrel/day to 245,000 barrel/day by 2030."

The nine integrating companies are Oman Oil Company; Orpic; Oman Oil Company Exploration and Production; Oman Gas Company; Duqm Refinery; Salalah Methanol Company; Oman Trading International; OXEA; and Salalah Liquefied Petroleum Gas, in addition to the merging of Duqm Refinery operations.