OQ (formed by the merger of erstwhile Oman Oil and Orpic Group), is planning for projects totalling $15.6 billion in downstream, exploration and production, and gas transmission, according to the company's first sustainability report.

The report, released on Tuesday, said the growth projects would be developed over a time horizon of five years.

Early stage projects highlighted in the report included a second petrochemical plant at Duqm, currently in the front-end engineering and design (FEED) phase, a second Natural Gas Liquids (NGL) plant and associated pipeline, in the pre-construction phase.

Projects in the pre-FID [Final Investment Decision] phase included Blocks 65, 30, 47 and 52 in the upstream and LNG Bunkering and GTL [Gas to Liquids] projects in the downstream.

OQ is also planning to launch its first renewable energy project and its first retail project - both in the pre-FID phase - in 2022, according to the report.

Last week, state-owned Oman News Agency reported that Duqm Refinery and Petrochemical Industries Company (DRPIC), a joint venture between OQ and Kuwait Petroleum International, had suspended the FEED work for the proposed Duqm Petrochemical Project in order to assess the impact of COVID-19 on future demand.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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