OQBI boasts a total production capacity of 1.8 million tons annually, spanning methanol, ammonia, and LPG.
Revenue Breakdown:
o Methanol: OMR 87 million
o Ammonia: OMR 33 million
o LPG: OMR 78 million
Brownfield expansion plans are in place to increase methanol production capacity by 50%, supporting long-term growth and meeting rising market demand.
Muscat – November 2024
Eng. Khalid bin Khalfan Al Asmi, CEO of OQ Base Industries (OQBI), affirmed that the company’s initial public offering (IPO) marks a pivotal step towards fostering new strategic partnerships and shared success opportunities. This aligns with Oman Vision 2040, contributing to the diversification of the national economy, boosting global competitiveness, and achieving operational excellence.
He added, “This IPO is a cornerstone in the journey of OQBI. It unlocks new strategic opportunities to align the company’s growth and expansion with the aspirations of Oman Vision 2040, while creating avenues for new partners to join our journey.
Furthermore, the IPO adheres to Sharia principles, reflecting our inclusive approach to attracting a diverse investor base.
The company’s vision for this IPO goes beyond capital raising. It establishes a platform that combines shared growth and transparency, with a focus on delivering sustainable value.”
He added, “The company has structured the IPO to ensure equitable access for various investor categories, highlighting its commitment to inclusivity and strategic growth. Shares will be allocated as follows: 30% for Category I (institutional investors), 40% for Category II (retail investors), divided equally between small and large investors, and 30% for Category III, high-profile anchor investors committed to subscribing to 30% of the offered shares.
The IPO price will be unified across all categories and determined through a book-building process within a price range of 106 to 111 Bzs per share. This carefully planned approach ensures transparency and fairness for all participants, whether individuals or institutions.
The listing of the company’s shares on the stock market is anticipated to enhance the liquidity and attractiveness of the Muscat Stock Exchange (MSX). This will contribute to strengthening Omani capital markets and increasing their presence regionally and globally.
Al Asmi highlighted that “The IPO is a strategic initiative aligned with Oman Vision 2040. It supports economic transformation, sustainability, economic diversification, and increased private sector engagement, paving the way for sustainable growth. It also aims to develop the capital market by boosting liquidity in MSX and enhancing its appeal to both local and international investors. Additionally, the IPO seeks to improve governance and management through the adoption of global best practices.”
He emphasized, “This IPO is a bold step towards the future. Its significance extends beyond OQBI, encompassing Oman’s entire economy, establishing Oman as an advanced and attractive investment destination.”
He added, ‘The company is committed to enhancing its global presence with sustainable solutions driven by the creativity and excellence of our local talents. They are the true pillars of our success.
OQBI’ mission focuses on achieving sustainable growth and operational excellence through investments in human capital, energy efficiency, and net-zero initiatives, and local economic support”.
Al Asmi stressed, “Our strategic objectives ensure our leadership through proactive planning, a strong track record in health and safety, and achieving the highest operational rates. These objectives also emphasize sustainability and adherence to environmental, social, and governance (ESG) standards.”
On growth initiatives, Eng. Khalid bin Khalfan Al Asmi remarked, “We see significant opportunities for near- and mid-term expansion of our methanol plant, alongside long-term projects for blue and green ammonia. This integrated vision keeps OQBI on track to achieve its long-term goals while meeting the growing global demand for clean energy solutions.”
He emphasized that “safety, efficiency, and sustainability are at the core of our operations. As of June 2024, OQ E&P achieved 4.7 million work hours without lost-time incidents (LTIs), reflecting a deeply ingrained safety culture that protects our workforce, assets, and operational reliability.”
Regarding productivity, Al Asmi highlighted, “Our total production capacity stands at 1.8 million tons annually, with industry-leading operational efficiency: 116% for methanol, 97% for ammonia, and 98% for LPG. These exceptional rates showcase the efficiency of our operations, the reliability of our assets, and our ability to consistently meet market demands.”
Discussing financial performance, he stated that OQ delivered strong results in recent months, with revenues of OMR 87 million from methanol, OMR 33 million from ammonia, and OMR 78 million from LPG. “This solid financial performance reflects the strength of our diversified portfolio and our adaptability to market dynamics,” he emphasized.
He further noted that “The company’s workforce exceeds 400 employees, 81% of whom are Omanis. We are committed to nurturing local talent, the cornerstone of our operations. These figures represent more than just numbers—they reflect our unwavering commitment to operational excellence, sustainability, and value creation.”
Al Asmi elaborated that “OQBI focuses on three core products—methanol, ammonia, and LPG—which form the backbone of its diverse portfolio. The Methanol Plant is operational since 2010 with an annual capacity of 1.095 million tons. Methanol is a cornerstone of the company’s operations due to its versatile applications and the rising global demand for clean energy. It remains pivotal for future business growth. The Ammonia Plant was opened in 2022 with a production capacity of 365,000 tons annually. “The plant positions us to meet the growing demand for ammonia as a clean fuel and a key input for chemical industries, reflecting our commitment to innovation and sustainability,” he said. The LPG Plant has contributed, since 2021, an annual production of 356,000 tons, catering to vital energy needs locally and globally. LPG plays a critical role in meeting current energy demands while supporting the transition to cleaner alternatives.
“These facilities are more than mere production units; they symbolize a modern, integrated production network designed for reliability and scalability,” Al Asmi explained. “This integration, the first of its kind in Oman, ensures our sustained ability to meet demand while maintaining cost efficiency and operational excellence. It solidifies OQBI’ position as a trusted strategic partner in the region.”
Al Asmi stated that OQBI is building a strong industrial foundation to meet the growing global demand for its product portfolio—methanol, ammonia, and LPG—across diverse markets. “We own state-of-the-art, integrated assets with a proven track record of reliability and efficiency, long-term gas supply agreements at competitive prices, and a strategic location near Salalah Port, offering direct access to global markets. This is further supported by OQ Trading, a globally leading methanol trading company.” “Our clear roadmap includes expansion plans to increase methanol production capacity by 50%, positioning us as pioneers in the clean fuel sector to meet future market demand,” he added.
“We are fully equipped to capitalize on the shift towards clean energy sources through methanol and ammonia solutions. Our stable cash flow and profit margins, even amidst market fluctuations, reflect the advantages of investing in Oman’s stable, forward-looking economic environment, perfectly aligned with Oman Vision 2040.”
OQBI combines high operational efficiency, visionary leadership, and a market-aligned growth strategy, enabling it to deliver exceptional value to shareholders, he added.
The IPO marks a new chapter in OQBI’ history, characterized by resilience, seizing opportunities, and achieving shared growth, Al Asmi concluded.

Key Highlights from the CEO of OQBI :The IPO is a strategic initiative that aligns with Oman Vision 2040, contributing to the country’s economic diversification objectives

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