- 30 % increase in ICV index compared to 2020
Muscat: OQ, the Global Integrated Energy Group, has released its third sustainability report for 2021. The report highlights the group’s achievements in various areas, such as its economic progress, domestic value (ICV), social investment, health, safety and environment, digital transformation and human resources.
The report, issued as part of OQ’s efforts to achieve sustainability goals, was developed in accordance with the guidelines of the Global Reporting Initiative, which promotes integrity, transparency and business governance standards.
OQ attaches great importance to achieving financial sustainability. Therefore, it develops necessary plans and programs to increase the efficiency of its operational performance. By the end of 2021, OQ had consolidated sales of $22.768 billion compared to $14.006 billion in 2020, a 63% increase. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $3.699 billion, up 154% from 2020. Net income was $1.818 billion.
According to the report, spending on goods and purchases in local markets increased by 30% to $931 million in 2021 compared to 2020. The increase in spending is part of efforts to improve the country’s value (ICV), which is one of the priorities of OK is. It also underscores OQ’s belief in the importance of increasing the sourcing of goods and services in local markets. OQ obliges contractors and suppliers to support national companies to become globally competitive and improve their ability to innovate and grow.
Supporting small and medium-sized enterprises (SMEs) and promoting entrepreneurship is one of the top priorities of the Omani government. As part of the Group’s ICV programme, OQ supports and encourages the growth and progress of SMEs. In 2021, OQ awarded 147 tenders worth $165 million for SMEs, a 54% increase over 2020.
As part of OQ’s social responsibility and commitment to serving the local communities in which it operates, the group committed $10.5 million to social investment programs. Emergency relief for those affected by climatic conditions (Shaheen) totaled $5.10 million. More than 730 volunteers took part in relief efforts for the affected families and completed 8,796 volunteer hours, benefiting 11,260 people.
As part of its efforts to protect the environment and natural resources and promote corporate sustainability, OQ has adopted the decarbonization policy and given it the necessary priority. Four major green hydrogen projects are currently being worked on. OQ has also implemented several initiatives to manage water usage and generate 30 megawatts of renewable energy in 2021.
For digital transformation and cyber security, OQ has introduced the Cybersecurity Management System. The group conducted 11 cybersecurity risk assessments on cloud hosting service providers and has also implemented advanced artificial intelligence models.
OQ continues its efforts to provide employment opportunities to the national workforce. The number of male and female employees in the Group companies in the Sultanate of Oman was 4,700, of whom 82% are Omani. About 65% of the employees are under 30 years old.
In 2021, OQ sponsored the education of 22 male and female students in international universities and colleges through the Takatuf Scholarship Program. The group has nine national human resource development and rehabilitation training programs. The apprenticeship programs are in line with the government’s efforts to provide education, work and career development opportunities to Omani.
As a global energy company, OQ is present in 17 countries on five continents and exports its products to more than 70 countries. The Group strives to further strengthen its position worldwide by complying with voluntary reporting and disclosure of its operations.
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About OQ:
OQ is a global integrated energy company with roots in Oman. With offices in 17 countries, we cover the entire value chain from exploration and production to marketing and sales of end-user products. Our fuels and chemicals are sold in over 60 countries worldwide, making us a pioneer in the energy sector.
For more information, please contact:
Shaima Al Aufi
Head of Branding & Corporate Communications
Email: [email protected]
