Oil & Gas

Net profit at state‑controlled OQ Gas Networks (OQGN) rose to OR 25.4 million (≈ USD 66 million) in the six months ending June 30, 2025, marking a 13 percent increase compared with the same period in 2024, the company said in a filing to the Muscat exchange. The growth was attributed to stronger revenues from its core gas‑transmission business. OQGN is the sole owner and operator of Oman’s 4,000 km national gas pipeline network. 

In May 2025, OQGN signed a Term Sheet Cooperation Agreement with Fluxys, the Belgian energy infrastructure group. Under the deal, the two firms will jointly develop Oman’s hydrogen transport network, with Fluxys holding a 4.9–5 percent equity stake, acquired in OQGN’s IPO in October 2023. The partnership builds on a previous MOU to support hydrogen and CO₂ infrastructure development.

Back in April, OQGN unveiled plans to construct a dedicated hydrogen pipeline by 2030, spanning 300–400 km, with final investment approval expected by 2027. The pipeline is expected to add nine million cubic metres per day to OQGN’s northern network, significantly enhancing its transmission capacity, reliability, and operational flexibility. The Sultanate’s government continues to hold a 51 percent majority in OQGN through the parent company, OQ. 

OQGN’s CEO, Mansoor Al Abdali, told investors that Oman’s natural gas demand is expected to rise steadily, driven by new industrial developments across the country’s free zones—notably Sohar, Duqm, Salalah, and Mazunah, which attracted around USD 4 billion in investment last year. Reflecting investor confidence, OQGN’s share price closed at OR 0.0151 on Sunday, up 10 percent year‑to‑date.