Muscat, March 30 (BNA): Oman’s OQ Group today announced the results of its financial performance for the full year 2022, recording the highest net profit in the group’s history.
According to Oman News Agency (ONA), the record performance was driven by strong operating performance in the majority of the group’s businesses and a favorable market environment.
In 2022, Global Integrated Energy Group reported consolidated revenue, adjusted for EBITDA, and net profit of $39.126 billion, $6.179 billion, and $3.850 billion, respectively.
The Group’s strong performance was above both budget 2022 and actual 2021 performance. This was primarily driven by higher production volumes, favorable pricing in both the upstream and downstream businesses and strong performance from the trading arm.
“This year was an exceptional year for OQ, which saw the strongest financial and operational performance in its history, while also solidifying OQ as the driver of Oman’s energy transition,” said Mulham Al Jarf, Chairman of OQ.
In January, OQ commissioned a liquefied petroleum gas (OQ LPG) facility in Salalah.
OQ Exploration and Production (OQ E&P) has also commissioned Bisat-C, the third crude oil processing plant in the Bisatoil field, helping to increase its production capacity to more than 55,000 barrels per day in 2022.
In line with Oman Vision 2040 goals to attract foreign investment in Oman, OQ has continued to pursue opportunities across its fields, including petrochemicals and hydrogen.
OQ Gas Network (OQ GN) is actively taking advantage of the growing global demand for LNG to deliver 39.4 bcm of natural gas to customers.
The OQ Board of Directors approved the group’s decarbonization plan. In addition, OQ has been heralded as Oman’s Renewable Energy Champion, with OQ’s Alternative Energy (OQ AE) pillar entering low-carbon, clean energy and hydrogen projects with the potential to generate over 30 GW of renewable energy in Oman.
Speaking about the OQ results, Talal Al-Awfi, Group CEO, said: “With an increased focus on building financial resilience, optimizing operations, optimizing cost, and creating an operating model that drives accountability, we are more prepared than ever to meet market challenges and be more agile in our operations. Facing adverse conditions.
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