OQGN’s Market Cap Surges to RO 840 Million on MSX: Implications for Investors and Business Growth in Oman
MUSCAT, APRIL 29 — OQ Gas Networks (OQGN), the operator of Oman’s national gas transportation system, reported strong financial and operational results for 2025, bolstered by high network reliability, strategic asset expansion, and progress on its long-term growth and energy transition initiatives.
The majority state-owned company, part of the OQ Group, revealed a revenue increase to RO 209 million for the year, significantly up from RO 154.8 million in 2024. EBITDA also improved, rising to RO 82.4 million. OQGN’s market capitalization was approximately RO 840.14 million on the Muscat Stock Exchange, as detailed in its 2025 Annual Report.
Operationally, OQGN demonstrated excellent reliability across its infrastructure, achieving total gas deliveries of 42.4 billion cubic metres (BCM). This was supported by 100 percent asset availability and zero customer interruptions, emphasizing the company’s essential role in maintaining Oman’s energy supply.
“During our 25th year, we recorded impressive network performance with 42.4 BCM of gas delivered, 100% asset availability, and no customer interruptions across over 4,368 km of pipelines. This highlights OQGN’s vital national role,” stated Chief Executive Officer Mansoor al Abdali.
OQGN’s pipeline network grew to 4,368 km in 2025, adding 133 km compared to the previous year, while total system capacity reached 76.3 BCM. The network supports more than 130 industrial customers, serving as the backbone for Oman’s power generation, industrial growth, and LNG export operations.
This past year also saw significant project milestones, including the completion of the Central 48-inch pipeline project and the commissioning of the largest flow measurement system in the company’s history. These advancements are anticipated to enhance system resilience, improve energy efficiency, and meet the increasing demand for natural gas throughout Oman.
In line with its growth strategy, OQGN pursued various business development initiatives. Notably, it acquired BP’s Ghazeer pipeline assets, which include 65 km of infrastructure and related gas transportation assets connected to the Fahud Natural Gas Liquids Extraction (NGLE) facility. These acquisitions aim to strengthen network integration and expand service capabilities.
Looking forward, OQGN is positioning itself as a leader in Oman’s energy transition. As the country’s designated Hydrogen Network Operator, it is actively developing infrastructure for low-carbon energy systems. In 2025, OQGN signed a hydrogen pipeline cooperation agreement with Belgium’s Fluxys and a memorandum of understanding with the Netherlands’ Gasunie focusing on hydrogen and carbon capture, utilization, and storage (CCUS).
Additionally, OQGN has been appointed as Oman’s CO₂ transporter and has launched an expression of interest to evaluate market demand for a national carbon dioxide transportation network.
Special Analysis by Omanet | Navigate Oman’s Market
OQ Gas Networks (OQGN) is solidifying its critical role in Oman’s energy landscape with impressive financial growth and strategic expansions that signal robust business opportunities for investors and entrepreneurs in the energy sector. The company’s transition toward low-carbon solutions, including hydrogen and carbon capture initiatives, presents a fertile ground for innovative ventures and investments. However, businesses must remain vigilant of the potential risks associated with the evolving regulatory framework and market dynamics in the energy transition space.
