Coinciding with the visit of the Saudi Crown Prince to the Sultanate of Oman, OQ signed on Monday a non-binding Memorandum of Understanding (MoU) with Aramco Trading Company (ATC) of Saudi Arabia to explore joint commercial opportunities in the energy sector between the two companies.
The MoU was signed by OQ Group CEO Talal Hamid al Awfi and ATC CEO Ibrahim al Buainain.
The two parties intend to collaborate directly or through their affiliates on exploring business prospects in the Omani port of Duqm and nearby crude oil storage terminal of Ras Markaz.
Under the MoU, the parties will undertake a joint review of ATC supplying feedstock to Duqm Refinery & Petrochemicals Industries Company LLC (OQ8), as well as possible offtake of oil products by ATC from OQ8.
ATC and OQ may expand the scope of the MOU to include renewables, waste stream, green ammonia as well as green hydrogen.
Aramco Trading Company (ATC) is the trading arm of Saudi Aramco that trades crude oil, refined products, LNG and LPG, blending components, bulk petrochemicals, and polyolefins.
Aramco Trading strategically maintains storage and blending facilities in major trading hubs, customizing product specs to meet customer demand. The company is recognized globally as a critical trading partner for refiners, shipping companies, financial institutions, end-users, and other product-trading companies.
OQ, the global integrated energy company of the Sultanate of Oman, has operations across 17 countries, covering the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products reaching more than 60 countries worldwide.
