ATC Signs MoUwith Oman’s OQ

Muscat, Oman, December 6, 2021

ATC Signs MoU with Oman’s OQ for Energy Business Opportunities

 The Aramco Trading Company’s (ATC) signed today 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 today 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.