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We have an update on OQBI post-IPO: Oman’s methanol, ammonia, and liquified gas producer OQ Base Industries (OQBI) plans to invest around USD 500 mn to expand its methanol unit, OQBI CEO Khalid Al Asmi told Zawya (watch, runtime: 8:40). The plant’s production is set to increase by 550 mn tons with commercial operations slated for 2028. The company also plans to produce blue methanol and green ammonia by 2040.
REMEMBER- Oman’s OQ raised OMR 188 mn (c.USD 489 mn) in the initial public offering of its methanol unit OQ Base Industries this week. The IPO saw a 49% stake sold at the top end of the price range at OMR 0.111 (c.USD 0.29) per share, valuing the firm at USD 1 bn.
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About the plant: OQ’s Salalah Methanol Company operates a methanol production facility in Salalah, according to its website. The 3k MTPD plant, which includes seawater intake, captive power generation, and water desalination, is located adjacent to the new Salalah Ammonia Project, which began construction in 2017 and uses hydrogen-rich purge gas from the methanol plant as feedstock.
OQ has big green fuel plans: Oman’s state-owned Hydrom signed an agreement last year with the Hyport Duqm Consortium — a JV between OQ Alternative Energy and DEME Concessions — for the construction of a green hydrogen production facility that will produce about 1 mn tons of green ammonia. OQ Alternative Energy — the green unit of OQ — is also among the backers of the Green Energy Oman clean fuels hub which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.
