Latest news with #OQ8
Observer
19-05-2025
- Entertainment
- Observer
A Future Warning Comes to Life at Oman Sustainability Week
During Oman Sustainability Week, a powerful scene unfolded at the OQ8 pavilion that captured everyone's attention. It all began when a man stepped out from behind a curtain, dressed in black, with an oxygen mask over his face—appearing as a figure from a bleak future. His appearance, affected by what seemed to be environmental damage, signalled that he was more than just a visitor; he was a messenger from tomorrow. A small crowd gathered towards a makeshift stage, eager to see what was about to happen. Children leaned forward with curiosity, elders sat silently, and visitors paused their conversations, drawn by the seriousness of the moment. What followed was a short but impactful play titled 'Ahmed... A Message from Tomorrow.' In this performance, Ahmed arrives from the year 2097, using a fictional time machine created by scientists desperate to warn humanity. But his message isn't about flying cars or high-tech robots; it's about what we stand to lose—our curiosity, compassion, and the environment we depend on. With a trembling voice, Ahmed described a future where the air is unbreathable, skies are filled with toxic clouds, and green plants are replaced by faded images in old books. Children, he says, have never felt grass under their feet. Humanity now lives inside domes, with existence reduced to simple survival—an existence disconnected from nature and human warmth. He quietly asks the audience, 'When was the last time you asked a real question?' The silence that followed felt heavier than any words spoken. It was a moment of reflection. The story, brought to life by local actor Yazeed Al Balushi, turned a dystopian future into a mirror of today's reality. Through raw emotion and thoughtful interactions, Yazeed became more than just an actor—he became a messenger. Each pause after his questions left a lasting impression. How did the audience react? Did they feel the urgency? Ahmed confesses, 'I couldn't stay in the future and watch it fall apart. So I came back—not to scare you, but to wake you up.' This short performance is designed to resonate with children, youth, and visitors from all backgrounds. Using minimal set design and subtle visual effects, the focus is firmly on the message: The future depends on what we do today. Our actions now will determine the world our children will inherit. Yazeed Al Balushi explained that the goal was to evoke emotion and inspire thought: 'We wanted something that would make people feel and reflect. That's exactly what happened.' Why Oman Sustainability Week Matters Globally This performance took place during Oman Sustainability Week, a vital event dedicated to raising awareness about environmental challenges and encouraging sustainable practices. Such initiatives are crucial—not just within Oman, but across the world. Climate change, pollution, and resource depletion are universal issues that threaten future generations everywhere. Oman, like many nations, faces specific environmental challenges—from water scarcity to preserving its rich biodiversity. However, the importance of global cooperation cannot be overstated. Events like this week serve as a reminder that sustainability is a shared responsibility requiring collective action. It's about uniting diverse communities, governments, and organisations to commit to lasting change. In the context of the world, climate crises and environmental degradation are accelerating at an alarming rate. Countries need to learn from one another, exchange ideas, and implement innovative solutions. Oman's focus on sustainability and environmental education is part of this vital global effort. Each community's effort, no matter how small, contributes to a larger movement to protect the planet. This celebration also underscores the need to educate future generations. The play's emphasis on questions and awareness encourages young minds to think critically about their environment, understanding that their choices today influence a world they will someday inherit. A Global Call to Action As the play drew to a close and Ahmed's question echoed in the audience's minds—Will we act now before it's too late?—it became apparent this was more than a theatrical performance. It was a clarion call. The urgency is clear: climate action cannot be delayed. The message from the future was simple yet profound. If humanity continues on its current path, the world depicted in Ahmed's vision could become a reality. But there is still hope. By changing behaviours, adopting sustainable practices, and fostering environmental awareness, we can steer towards a healthier, more resilient planet. Yazeed Al Balushi expressed his hope that the performance would inspire action: 'It's about making people take responsibility. We wanted to stir people's emotions—make them reflect, think, and hopefully, act. That's what this is all about.' As the audience dispersed, the lingering questions and powerful visuals served as a stark reminder: Our future is in our hands. The choices we make today—whether to prioritize sustainability, reduce waste, or simply ask how we can contribute—will shape the world of tomorrow.
Observer
15-05-2025
- Business
- Observer
Duqm Refinery launches 2,000-seedling tree planting campaign
MUSCAT: At a time when national efforts are increasingly directed towards achieving environmental sustainability and expanding green spaces across the various governorates of the Sultanate of Oman, Duqm Refinery OQ8 continues its proactive role in supporting these goals through unique initiatives aimed at creating a positive environmental impact and raising local community awareness. In this context, OQ8 has launched the second edition of its 'Tree Planting Initiative' as part of its participation in Oman Sustainability Week, striving to play an active role in increasing the green cover in the desert environment of Duqm, in support of Oman Vision 2040 and the National Carbon Emissions Reduction Initiative. Manal al Kiyoumi, Acting Executive Vice-President for Corporate Affairs, stated that the 'Tree Planting Initiative' is one of the company's key projects since last year. The first edition saw the planting of 1,000 seedlings carefully selected to suit the desert climate of Duqm, with the participation of the local community and visitors during an event held at the company's booth at Duqm Refinery. She added that the company ensured the care of these seedlings from Sustainability Week until the celebration of Oman's Tree Day in October, during which some seedlings were distributed to local schools, while others were planted in refinery facilities. She noted that the great success and high turnout last year encouraged the company to continue this approach and double the number of seedlings to 2,000 this year. Speaking about the initiative's objective, Al Kiyoumi explained that the company aims to increase green spaces in Duqm in support of the national initiative to plant wild trees, in collaboration with the Environment Authority. She added that the initiative goes beyond just planting trees, as it also contributes to raising environmental awareness, promoting a culture of sustainability and reducing carbon emissions, ultimately working towards achieving net-zero emissions. She highlighted that the seeds and fertilisers used are provided in partnership with local small and medium enterprises (SMEs) under contracts designed to enhance community partnership and support the local economy. Ali al Mahrazi, one of the visitors to the event, expressed his admiration for this environmental initiative presented by Duqm Refinery as part of its participation. He pointed out that the booth includes an awareness theatrical performance held four times daily, highlighting the importance of tree planting and its role in environmental protection. He added that the booth offers visitors the opportunity to plant seedlings themselves, with the option to either take them home or have them sent to Duqm for planting, strengthening the community's connection to the initiative. He also noted that all booth materials are sustainably designed and reusable or recyclable, reflecting a practical awareness message about sustainability concepts and waste reduction. Al Kiyoumi also spoke about the company's participation in Sustainability Week, where it won the Best Sustainable Booth Award for the second consecutive year. She explained that this year's booth design was developed in collaboration with multiple teams from the health, safety, environment, sustainability and corporate communications departments. The booth was built using 90 per cent recycled materials, including sanitised and repurposed IBC tanks used to construct the booth structure, ceilings and the stage for the awareness shows and safety training sessions. She confirmed that all booth components, including shelves, wood and seedlings, will be reused in Duqm schools, where they will be allocated for school theatre activities and tree planting initiatives as part of the ongoing collaboration between the company and the local community.
Zawya
14-04-2025
- Business
- Zawya
Oman: OQ reports strong 2024 results, net profit rises to $2bln
Muscat: OQ announced a net profit of OMR1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets. OQ's strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholder. OQ Group posted strong results for 2024, achieving record Revenue of OMR15 billion (USD 40 billion) and OMR1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and OMR513 million (USD 1.3 billion) in Consolidated Net Profit. These notable results reflect OQ's disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders. Mulham Al Jarf, Chairman of OQ, underscored the company's steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio. Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ's trajectory. Ashraf Al-Mamari, Group CEO of OQ, stated: 'Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.' On financial resilience, Al-Mamari added: 'Our results not only demonstrate robust financial performance but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control, and disciplined capital management—core tenets of our financial strategy.' Al-Mamari further highlighted OQ's commitment to local content: 'Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent OMR 346 million (USD 900 million) locally in 2024.' 'As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation', he added. In terms of national workforce development, Al-Mamari highlighted: 'OQ's Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.' On health, safety, and environmental performance, Al-Mamari said: 'Our commitment to maintaining the highest health, safety, and environmental standards is reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, we recorded zero fatalities, demonstrating our resolute focus on providing a safe and healthy work environment for our employees.' OQ Group's remarkable achievements in 2024 underpins its dedication to sustainable growth and the ongoing evolution of the energy sector. As the group continues to lead this critical industry, it remains laser-focused on driving its vision forward, transforming strategy into action and delivering tangible, lasting impact. These efforts are primed to position Oman as a powerhouse in global sustainable energy, empowering it to meet ambitious energy targets. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
13-04-2025
- Business
- Times of Oman
OQ reports strong 2024 results, net profit rises to OMR1.2bn
Muscat: OQ announced a net profit of OMR1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets. OQ's strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholder. OQ Group posted strong results for 2024, achieving record Revenue of OMR15 billion (USD 40 billion) and OMR1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and OMR513 million (USD 1.3 billion) in Consolidated Net Profit. These notable results reflect OQ's disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders. Mulham Al Jarf, Chairman of OQ, underscored the company's steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio. Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ's trajectory. Ashraf Al-Mamari, Group CEO of OQ, stated: 'Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.' On financial resilience, Al-Mamari added: 'Our results not only demonstrate robust financial performance but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control, and disciplined capital management—core tenets of our financial strategy.' Al-Mamari further highlighted OQ's commitment to local content: 'Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent OMR 346 million (USD 900 million) locally in 2024.' 'As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation', he added. In terms of national workforce development, Al-Mamari highlighted: 'OQ's Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.' On health, safety, and environmental performance, Al-Mamari said: 'Our commitment to maintaining the highest health, safety, and environmental standards is reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, we recorded zero fatalities, demonstrating our resolute focus on providing a safe and healthy work environment for our employees.' OQ Group's remarkable achievements in 2024 underpins its dedication to sustainable growth and the ongoing evolution of the energy sector. As the group continues to lead this critical industry, it remains laser-focused on driving its vision forward, transforming strategy into action and delivering tangible, lasting impact. These efforts are primed to position Oman as a powerhouse in global sustainable energy, empowering it to meet ambitious energy targets.
Observer
13-04-2025
- Business
- Observer
OQ8 completes LRT, unlocking $4 billion in shareholder guarantees
MUSCAT: Duqm Refinery and Petrochemical Industries Company (OQ8), a strategic joint venture between OQ in Oman and Kuwait Petroleum International (KPI), has completed the Lenders Reliability Test (LRT), marking a major milestone in its operational journey. This achievement fulfills all lender requirements and establishes the Actual Completion Date (ACD), unlocking approx RO 1.54 billion ($4 billion). The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period. With ACD now secured, OQ8 has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. David Bird, CEO of OQ8, highlighted the significance of this moment: "The successful completion of the Lenders Reliability Test and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey. This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders. As we transition into a new phase of growth, we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market." Duqm Refinery, located in the Al Wusta region on Oman's southeast coast, has exceeded 110% of its nameplate capacity, boosting output from 230,000 barrels per day (bpd) to 255,000 bpd. The facility reached full operational status within 10 months of completing mechanical works, the company said. Mubarak al Naamany, Chief Financial and Commercial Officer of OQ8, said the project's progress strengthens the joint venture's ambition to establish Duqm as a regional refining and petrochemicals hub, aligned with Oman Vision 2040. Azzan al Abdullatif, Chief Portfolio Officer at OQ, added that the refinery is helping position Oman as a growing energy center in the region. 'Clearing the reliability test underlines the project's strategic importance and enhances its appeal to global markets,' he said. Chief Executive Officer of Kuwait Petroleum International (KPI) Shafi Taleb al Ajmi said the completion milestone confirms the refinery's technical strength, calling it 'one of the most advanced refining facilities globally.' Duqm is the first independent commercial refinery in the Middle East. The plant is designed to process a variety of crude grades, including Basra Heavy and West African blends, which allows it to optimize supply and improve efficiency. The company said it operated at 100% utilization throughout 2024, exporting more than 4.1 million tonnes of refined products globally. Feedstock strategies have also helped reduce dependence on shareholder crude, enhancing commercial flexibility and profitability. Duqm Refinery is also investing in sustainability and innovation. Since 2018, it has spent over $2 billion on local suppliers and allocated more than RO 2 million ($5.4 million) to social development programs. It said these efforts support Oman's broader environmental and economic goals.
