OQ is seeking new partners as SABIC exits the Oman petrochemical project.

According to a Reuters report on December 12, Ashraf Al Mamari, the CEO of Oman's national energy group OQ, stated that after Saudi Basic Industries Corporation (SABIC) withdrew, OQ is in negotiations with new potential partners regarding the petrochemical complex it plans to build in Duqm. Mamari said in an interview with Reuters that SABIC decided to "withdraw from the project, so now only we and the Kuwaiti side are left," but he did not disclose the specific reasons for SABIC's decision. There were no previous reports about SABIC's withdrawal from the project in Oman, and the company has not commented on this yet. The Port of Duqm on the southwestern coast of Oman is close to its major oil and gas projects. OQ and Kuwait Petroleum International completed and put into operation a $9 billion refinery named OQ8 there last year, and they also plan to build a petrochemical project nearby. Mamari said that he is in discussions with technology solution providers, partners, and even financial partners. Due to the weak demand in the chemical industry, SABIC is undergoing a restructuring. 70% of the company's shares are held by oil giant Saudi Aramco. OQ is owned by Oman's sovereign wealth fund, and its affiliated companies are involved in fields such as exploration, production, refining, chemicals, trading, hydrogen energy, and renewable energy.