The trading arm of Saudi Aramco, the world’s largest oil exporter, has signed an agreement with Oman’s global integrated energy company OQ to explore joint business opportunities in the energy sector. The two companies said that Saudi Aramco Trading Company (ATC) and OQ will cooperate directly or through their affiliates. As part of the agreement, the two companies will also conduct a joint review of ATC's supply of raw materials to Duqm Refining and Petrochemical Industries (OQ8) and ATC's possible procurement of petroleum products from OQ8.

The two companies said that ATC and OQ may further expand the scope of the agreement to include product storage, renewable energy, green ammonia and green hydrogen. AramcoTradingCompany trades crude oil, refined products, liquefied natural gas and liquefied petroleum gas, mixed ingredients, bulk petrochemical products and polyolefins. It has offices in Fujairah, London and Singapore. OQ operates in 17 countries and regions, covering the entire value chain from oil and gas exploration and production, refineries and petrochemical products to end-user product marketing and distribution, with operations in more than 60 countries around the world. Keywords: engineering construction, engineering news

The new agreement was reached on the occasion of Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to Oman to strengthen relations between the two countries. It is expected that Oman will receive investment projects worth 10 billion U.S. dollars during the visit. The International Monetary Fund stated earlier in 2021 that the Omani economy is expected to grow by 2.5% in 2021, following a 2.8% contraction last year.Editor/XingWentao