OQ (formerly Oman Oil and Orpic Group), Oman's integrated energy and petrochemicals giant, is set to launch renewable energy projects by the end of this year or early next year, a senior official at OQ said.

Najla Al Jamali from OQ's Alternate Energy team said the company has defined the strategy and built a roadmap for 2030. "We are looking to discuss and approve it with our management. We are hoping to get renewable projects launched by the end of this year or the beginning of next year and are also working on couple of hydrogen related projects in Oman".

OQ launched its alternative business line in June 2020 with Ayad Al-Balushi as its Chief Executive and instituted a fund to invest in renewable energy projects and technologies.

Najla said OQ's alternative energy business is being built around three pillars - green molecules, alternative energy assets and energy optimisation and energy efficiency.

"We see green molecules as our growth story for alternative energy which includes producing green hydrogen, green ammonia, green methanol and synthetic fuel. We are looking at the possibility of turning all products in our portfolio into green products. The other two pillars are enablers to green molecules. We see renewable assets as being the foundation that builds upon green molecules. Under energy assets, we are looking at solar, wind, carbon capture and bio-fuels among others. Under the third pillar we are looking at how we can optimise the use of power and gas and how can we optimise between assets as well".

(Reporting by Sowmya Sundar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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