TotalEnergies and OQ Launch $1.6B LNG Project in Oman

Oman's Sohar Port is gearing up to host a cutting-edge $1.6 billion liquefied natural gas bunkering plant, a joint venture between OQ and TotalEnergies. This innovative project aims to revolutionize the shipping industry by offering a cleaner fuel alternative through the transfer of LNG to ships, significantly reducing carbon emissions.

TotalEnergies will spearhead 80% of the investment, with OQ contributing the remaining 20% through their joint venture, Marsa Liquefied Natural Gas LLC. The Marsa LNG project, a pioneering initiative in the Middle East, is expected to have far-reaching economic benefits for Oman, boosting treasury revenues and fostering local investments.

Patrick Pouyanne, TotalEnergies' chairman and CEO, expressed pride in launching the Marsa LNG project in Oman, emphasizing their commitment to the country's long-term development. The plant, powered by solar energy, is poised to play a crucial role in reducing carbon emissions and enhancing the sustainability of the shipping industry.

Minister of Energy and Minerals Salim Al-Aufi highlighted the project's alignment with Oman's goal of achieving carbon neutrality by 2050, underscoring the country's dedication to sustainable energy practices. OQ's Chairman, Mulham Basheer Al-Jarf, emphasized the project's significance in positioning OQ Trading as a key player in the LNG markets and expanding the gas supply network.

The Marsa LNG project is not only expected to generate substantial financial revenues for Oman but also create new job opportunities, increase port traffic, and bolster local investments. This initiative marks a significant step towards a greener, more sustainable future for Oman's energy sector.