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.
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The specs
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Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
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The specs
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Skoda Superb Specs
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Torque: 320Nm
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Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
