OQ Group, Oman’s global integrated energy company, reported a net income of US$777mn for the first half of 2021, compared to a net loss of US$1.1bn for the corresponding period in 2020 across both upstream and downstream operations.

The recovery in demand and prices for all products within the downstream spectrum helped the OQ Group improve its results.

Total sales of the OQ Group rose 40 per cent in the first half of 2021 to US$10.043bn compared to US$7.195bn in the same period in 2020.

“The OQ Group is also making progress and benefiting not only from its investments but also from their financial and operational initiatives,” said Mulham Basheer Al Jarf, President of the OQ Group, in the mid-2021 report published on Thursday.

“Our goal is to strike the balance necessary for financial and economic sustainability. With this sustainability, we can fuel the economy and add value to refining projects and maximize the performance of Oman’s hydrocarbon resources.”

Mr. Al Jarf said the group is on the verge of completing its key strategic projects, namely Liwa Plastic Industries Complex, OQ LPG, OQ Ammonia, and Bisat B, as they also help support the government’s economic diversification policies and the value of the To improve the country.

The OQ Group has also maintained its focus on further increasing the in-country value, according to Al Jarf by raising US$374mn, this year when compared with 2020. In addition, the group has allocated US$10mn to corporate social investment projects and achieved an Omanisation rate of 79 per cent.

“We are optimistic about the future as we look at our potential aspirations, national indicators, and most importantly, developments in the national economy, accelerated economic diversification measures, and efforts to attract foreign investment through structured incentives and benefits,” said Al Jarf.

He expressed his confidence that the OQ Group’s efforts, along with the rapid growth in global energy demand and rising oil prices, will play an important role in revitalising the Sultanate’s economy.

“At OQ, we will continue our efforts to implement government guidelines on economic diversification and improve the investment climate in Oman, especially for value-added projects in the energy sector.”

“We also strive to grow Oman’s petrochemical exports, increase the value of the country, increase social investment and promote innovation,” he added.

OQ operates in 17 countries around the world and covers the entire value chain from exploration and production to marketing and sales of end-user products. The Group’s fuels and chemicals are sold in more than 60 countries around the world, making them a leading player in the energy sector.