Saudi Aramco’s trading arm signs agreement with Oman’s OQ on new opportunities

The trading arm of Saudi Aramco, the world’s largest exporter of oil, signed an agreement with Oman’s global integrated energy company, OQ, to explore joint commercial opportunities in the energy sector.

Aramco Trading Company (ATC) and OQ will collaborate directly or through their affiliates to explore business prospects in the Omani port of Duqm and nearby crude oil storage terminal of Ras Markaz, the two companies said on Tuesday.

As part of the agreement, the companies will also undertake a joint review of ATC supplying feedstock to Duqm Refinery and Petrochemicals Industries Company (OQ8) as well as possible offtake of oil products by ATC from OQ8.

ATC and OQ may further expand the scope of the agreement to include product storage, renewables, green ammonia and green hydrogen, the companies said.

Aramco Trading Company trades crude oil, refined products, LNG and LPG, blending components, bulk petrochemicals and polyolefins. It has offices in Fujairah, London and Singapore.

OQ has operations in 17 countries that cover the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products, reaching more than 60 countries worldwide.

The new agreement comes as Saudi Arabia’s Crown Prince Mohammed bin Salman visits Oman to strengthen ties between the two countries. Oman is expected to secure investment projects worth $10 billion during the visit.

Oman’s economy is projected to grow by 2.5 per cent this year after a contraction of 2.8 per cent last year, the International Monetary Fund said earlier this year.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

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There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency

Saudi Aramco’s trading arm signs agreement with Oman’s OQ on new opportunities

The two companies will explore business prospects in the Omani port of Duqm

Ten tax points to be aware of in 2026

UAE currency