Energy & Mining

Creating the Foundations

Sustainability will be key for many countries' ability to maintain long-term growth in a future with dwindling resources.

Sustainability is founded on the idea of global cooperation and development, as we must preserve our ecosystem to guarantee a better quality of life in the present and look out for future generations. Our environment can change, and people have shown a great capacity to adapt, as seen in advent of the COVID-19 crisis, which was a situation of extreme uncertainty. The pandemic has accelerated and intensified trends in the international arena, bringing new challenges and testing the national willingness and social consensus of the state to keep evolving.

Sustainable development means social progress and economic development while taking care of the climate and environment. According to NASA, 19 of the warmest years have occurred since 2000. 2016 and 2020 were the warmest years on record since 1880, accelerating negative and alarming tendencies of climate change. Moreover, at present, 771 million people still lack even basic access to safe drinking water, reveals WHO. In 2020, between 720 and 811 million people in the world faced hunger according to the United Nations Food and Agriculture Organization (FAO).

In relation to Oman, since 2020 the Sultanate has been committed to a more progressive strategy aligned with the 2030 Agenda for Sustainable Development drafted by the UN and the 17 Sustainable Development Goals (SDGs). With the purpose of formulating a future image and establishing new reporting lines, Oman devised Vision 2040. It projects a diversified and sustainable economy with pillars based on technology, knowledge, and innovation.

OQ emerged in 2019 as a global integrated energy company, a conglomerate of nine legacy businesses aspiring to empower diverse sectors of the economy, generating PPPs that improve production efficiency and give rise to a framework that promotes competitiveness and equality of opportunity, besides boosting the integration process among SMEs.

As pioneers in the energy sector and operating in different areas, OQ has created the “Strategic Priorities 2020-2024,” focusing all its activities on eight pillars: integration, project delivery, funding plan, downstream initiatives, privatization, portfolio rationalization, new businesses, and digitalization. OQ natures the country to keep the wealth of their lands, generation after generation. As mentioned in the OQ Sustainability Report of 2019, “Since the inception of the company, we have recognized and highlighted our current progress in targeting these issues, and we are committed to take the additional steps needed to demonstrate how environmental integrity, climate change, human rights, sustainable development and other sustainability related key areas are directly aligned with our operations, investments and corporate strategy.”

As a business operating in different sectors, OQ assures that an environmental footprint and local biodiversity is enhanced, across the supply chain. The company began in 2018 by establishing a sustainability committee as an advisory and decision-making body. By identifying relevant topics, it has been able to be part of a wide community, integrated with the main references and priorities of the Sultanate.

As His Majesty Sultan Haitham bin Tarik has referred to the Oman Vision 2040, “It focuses on reshaping the roles of and relation between the public, private and civil sectors to ensure effective economic management; achieve a developed, diversified and sustainable national economy; ensure fair distribution of development gains among governorates; and protect the nation’s natural resources and unique environment.”

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