The Aramco Trading Company (ATC) has signed a non-binding Memorandum of Understanding (MoU) with Oman’s global integrated energy company, OQ SAOC, to explore joint commercial opportunities in the energy sector between the two companies
The MoU was signed in Oman by ATC CEO Ibrahim Al Buainain and OQ Group CEO Talal Hamid Al Awfi.
The two parties intend to collaborate directly or through their affiliates on exploring business prospects in the Omani port of Duqm and nearby crude oil storage terminal of Ras Markaz. Under the MoU, the parties will undertake a joint review of ATC supplying feedstock to Duqm Refinery & Petrochemicals Industries Company LLC (OQ8), as well as possible offtake of oil products by ATC from OQ8.
ATC and OQ may expand the scope of the MoU to include product storage, renewables, waste stream, green ammonia as well as green hydrogen.
ATC is the trading arm of Saudi Aramco that trades crude oil, refined products, LNG and LPG, blending components, bulk petrochemicals, and polyolefins, while OQ is a global integrated energy company with roots in Oman. OQ has operations across 17 countries, that covers the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products reaching more than 60 countries worldwide.
