Muscat, 12th May 2025 – OQ Group, the global energy investment group, launched its 2024 annual sustainability report at a ceremony held under the patronage of H.E Eng. Salim Bin Nasser Al Aufi, Minister of Energy and Minerals, on the sidelines of its participation in Oman Sustainability Week 2025. The report reflects OQ’s progress to balance its investments in the energy sector with the preservation of natural resources in alignment with Oman Vision 2040, across four focus areas: transitioning to net zero, safeguarding nature, caring for people, and driving sustainable growth.

In 2024, OQ made strong progress on its sustainability goals, recording a 16.1% reduction in Scope 1 and Scope 2 emissions under operational control compared to the previous year. This was driven by enhanced energy efficiency measures and strategic portfolio optimization. The company also achieved a 94.2 Energy Intensity Index (EII) across its refining and petrochemical operations, exceeding its reduction targets. Reinforcing its commitment to energy performance, OQ received ISO 50001 certification and developed a climate change adaptation plan for its Sohar facility to proactively address environmental risks.

Strengthening Environmental Stewardship and Innovation  

Environmental stewardship remained a key focus throughout the year. OQ reported a 5.5% decrease in total waste generation, following improvements in waste tracking and recycling practices. As part of Oman’s Green Initiative, the company planted 110,891 trees, raising its total contribution to 275,516 trees. In addition, OQ maintained its ISO 14001 certification, reaffirming its commitment to biodiversity and resource protection. A company-wide water assessment was also conducted to support long-term resource planning and sustainability.

Investing in people and workplace culture, OQ recorded a rise in its employee engagement score to 76 points, a six-point improvement from 2023. Women accounted for 34% of newly hired employees, marking a 22% increase year-on-year. To support professional development, the company delivered an average of 119.6 training hours per employee, nearly five times more than the previous year. OQ also introduced 14 High-Level Directives to enhance its Health, Safety, Security, and Environment (HSSE) management system.

In innovation and digital transformation, OQ leveraged advanced digital solutions for environmental performance monitoring and operational data analytics, improving efficiency and reducing waste. In 2024, the OQX Innovation Center launched three pilot projects valued at USD 2.6 million, along with six new technology initiatives focused on energy efficiency and environmental performance.

Empowering People and Driving Local Economic Value

Supporting national economic goals, OQ strengthened its local partnerships with 78% of total spend in 2024 directed to local suppliers, up from 77% in 2023. The company achieved an In-Country Value (ICV) score of 32.4% and continued to promote ethical practices, with 1,076 employees participating in compliance and ethics training. Notably, there were no corruption-related cases reported across operations last year.

Together, these milestones highlight OQ’s integrated approach to sustainability - reducing its environmental footprint, building human capital, supporting the local economy, and reinforcing good governance. The company remains committed to its long-term targets, including a 25% reduction in emissions by 2030 and achieving net-zero emissions by 2050, in line with Oman Vision 2040.

OQ will continue advancing its journey toward integrated sustainability - guided by innovation, community partnerships, and governance principles - solidifying its role as a responsible international partner contributing effectively to a sustainable future for the energy sector and national economy.