MUSCAT: Duqm Refinery and Petrochemical Industries Company LLC (OQ8) — a 50:50 partnership of OQ Group of the Sultanate of Oman and Kuwait Petroleum International of Kuwait, has unveiled its Sustainability Report for 2023, marking a transformative year filled with significant milestones and achievements. The report underscores the company's commitment to operational excellence, sustainability, and social responsibility, as it transitions from project completion to an operational powerhouse.

David Bird, Chief Executive Officer of OQ8, expressed his excitement about the company's progress and future prospects. "The year 2023 embarked on a very exciting transition from project completion to an operating business, receiving the first crude oil shipments and exporting our first products of naphtha on April 14."

The year began with the arrival of the first crude shipment on January 9, and by March 23, the refinery commenced operations. This marked the beginning of a new era for OQ8, with the first export of 9,500 cubic metres of naphtha taking place on April 14. The refinery’s laboratory also achieved a notable milestone by becoming the first in the Gulf to receive ISO17025 accreditation before commissioning.

OQ8's economic performance in 2023 has been nothing short of remarkable. The refinery, with a processing capacity of 177,000 barrels per day — representing 77% of its total capacity — generated $1.97 billion in revenue. Operational expenses amounted to $186.2 million, while sales quantities included 5.851 million barrels of naphtha, 3.190 million barrels of Jet A1, 8.419 million barrels of diesel, 574,000 barrels of LPG, and 916,000 barrels of petcoke.

In terms of workforce development, OQ8 has made significant strides with a 61% nationalisation rate among its 840 employees. The company achieved an impressive safety record, clocking 15.5 million man-hours with zero fatalities. Furthermore, OQ8 invested $6 million in local suppliers, conducted 585 HSSE sessions, and provided 250,553 HSSE training hours. The company also reported 3.541 GWh volunteering hours and launched 26 initiatives and sponsorship activities, benefiting 65,947 individuals.

The company’s commitment to gender diversity is evident, with 17% of top management positions held by females. Moreover, OQ8 has demonstrated environmental responsibility by treating 1,689,404 cubic metres of water.

David Bird highlighted the company's environmental initiatives: "In addressing our environmental obligations comprehensively, we have implemented various initiatives focusing on water usage, biodiversity, air quality, and waste management. Despite being one of the most modern refineries globally, we remain committed to further energy efficiency through operational excellence and technological investments." OQ8's dedication to social responsibility is also noteworthy. The company has invested nearly $960,632 in social projects and established strong partnerships with local communities and stakeholders. This investment underscores OQ8's commitment to providing high-skilled, well-paying employment opportunities and delivering meaningful social benefits.

The company's In-Country Value (ICV) initiatives have also made a significant impact, with $107 million spent on procurement and $105 million directed towards local suppliers—a 38.5% increase compared to 2022. Notably, $6 million was spent with local suppliers holding Riyada Cards, reflecting a 600% increase from the previous year.

"Our contribution to In-Country Value (ICV) reached nearly $6 million in supporting local SMEs and Oman's economy in 2023," Bird stated. "Our HSSE performance continues to improve steadily, with witnessing an overall improvement in HSSE performance across all incident categories in 2023 compared to the previous year."

OQ8’s robust governance framework, supported by renowned shareholders OQ and KPI, ensures transparency and accountability. The company operates under the oversight of an independent board and audit and risk committee. Project financing and insurance provided by international partners further enhance the assurance and oversight of OQ8's initiatives.

2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).