IGC launches Oman's first gas spot sale of 2025
A Request for Proposals (RFP) issued by the wholly state-owned energy firm on Sunday seeks offers for the supply of 175,000 MMBTUs (million British Thermal Units) per day of natural gas for a period of one to two years.
The announcement builds on landmark initiatives by IGC to maximise revenue generation for the Omani government through gas marketing activities encompassing spot sales and short-term gas supply auctions. Both initiatives are also aimed at providing large industrial customers with greater flexibility and efficiency in their purchase and consumption of natural gas.
Interested customers have until March 30, 2025 to submit applications in response to the RFP. 'All interested parties are welcome to participate in this auction. Don't miss out on this opportunity to secure a valuable contract with IGC,' the energy firm note in a post.
Last year, IGC successfully added gas marketing activities to its central mandate as the sole shipper of Omani natural gas. In line with this remit, it signed a first-ever spot gas sales contract with Octal, the Salalah-based polyethylene manufacturer, in August 2024. Under the deal, IGC committed to supplying 15,000 standard m3 per day of natural gas for four months.
Also during the same month, IGC announced the first auction of short-term gas supplies. On offer were around 9,000 MMBTU per day (approx 9 million standard cubic feet/day — mmsfd) of gas to be supplied to one or more successful bidders for a period ranging from one to two years. Interested bidders were required to submit offers that were an improvement upon a minimum price set by IGC.
Set up as a state-owned enterprise under the auspices of the Ministry of Finance, IGC represents the government's interests in the management of all allocations, assets, rights and obligations of natural gas purchase, sales, transport, imports and exports, as well as all relevant products. IGC is also tasked with contributing to Oman's fiscal performance by shouldering all expenses related to gas purchase and transport from the State Budget. Part of its remit is to transfer net gas revenue to the treasury as well.
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