Skip to content Skip to Search
Skip navigation

Oman’s investment at $2bn in Musandam energy projects

By Pramod Kumar
Oman's Musandam gas processing plant is pivotal to the region's energy infrastructure and supports the energy needs of the governorate Oman News Agency
Oman's Musandam gas processing plant is pivotal to the region's energy infrastructure and supports the energy needs of the governorate

Oman energy investment company OQ SAOC said its investment in three major energy projects in the Musandam governorate has reached OMR800 million ($2.09 billion).

These projects include the Musandam gas plant, the management of offshore fields in concession area 8 and the Musandam power plant, the state-run Oman News Agency reported.

The Musandam gas processing plant is pivotal in the region’s energy infrastructure and supports the energy needs of the governorate.

OQ also operates the offshore fields in concession area 8, owned by the ministry of energy and minerals.

Since initiating the oil and gas production operations in January 2019, OQ has focused on boosting operational efficiency, increasing production and reducing operating costs in the Bukha and West Bukha fields.

The Musandam power plant has a production capacity of about 120 megawatts per hour.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]