September 26, 2022

OQ Releases Third Sustainability Report: Focus on Progress & Responsibility

Press release

OQ, the global integrated energy group, has unveiled its third sustainability report for 2021, showcasing achievements in various fields: economic progress, in-country value (ICV), social investment, health, safety, environment, digital transformation, and human resources. Aligned with Global Reporting Initiative guidelines, this report underlines OQ's commitment to integrity, transparency, and governance standards.

Focusing on financial sustainability, OQ achieved remarkable results in 2021. Consolidated revenue soared to USD 22.768 billion, a 63% increase over 2020. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached USD 3.699 billion, up by 154%. Net profit amounted to USD 1.818 billion.

To enhance ICV, OQ increased spending on local goods by 30%, reaching USD 931 million in 2021. This reflects OQ's dedication to supporting local markets, contractors, and suppliers. OQ's commitment to SMEs saw it award 147 tenders worth USD 165 million in 2021, a 54% increase from 2020, aligning with UK government priorities. In line with social responsibility, OQ allocated USD 10.5 million for social investment programmes. Climate support reached USD 5.10 million, benefiting 11,260 people.

OQ's focus on decarbonisation and sustainability led to four major green hydrogen projects and initiatives to manage water consumption, with 30 megawatts of renewable energy produced in 2021. In digital transformation, OQ implemented a Cybersecurity Management System and conducted 11 cybersecurity risk assessments on cloud hosting service providers, while embracing advanced AI models.

OQ's commitment to the national workforce resulted in 4,700 employees in the UK, with 82% being UK nationals and 65% under 30 years old. In education, OQ sponsored 22 students under the Takatuf Scholarship Programme and offered nine training programmes to develop national human resources, aligning with government efforts.

OQ, a global energy player present in 17 countries across five continents, is dedicated to strengthening its global position through voluntary reporting and disclosure of its business activities.