Duqm Refinery’s RO 106 Million EBITDA in 2025: Key Implications for Investors and Business Growth in Oman
MUSCAT, MAY 9 — Duqm Refinery and Petrochemical Industries Company reported an EBITDA of approximately RO 106 million in 2025, highlighting the refinery’s robust operational performance, strong cash-generation capability, and its increasing contribution to the financial stability of the OQ8 joint venture.
This marks a significant turnaround from the EBITDA losses of around RO 124 million recorded in 2024, according to Ashraf bin Hamad al Maamari, Group CEO of OQ Group, which holds a 50% stake in the OQ8 joint venture alongside Kuwait Petroleum International.
Al Maamari attributed the improved financial results to the completion of a comprehensive transformation strategy by OQ8, finalized by the end of 2024. He noted that structural and commercial enhancements not only eliminated the need for further shareholder funding but also generated a year-end financial surplus. These outcomes underscore the direct positive impact of the transformation plan on both the refinery’s financial and operational efficiency, he explained in an interview featured in the latest edition of Enjaz & Eejaz, the quarterly newsletter of the Oman Investment Authority.
The official also highlighted that the overall refining capacity in Oman has grown to 569,000 barrels per day, driven by the commissioning of the Duqm Refinery alongside major upgrades at Sohar Refinery and Mina Al Fahal Refinery. This integrated production network enables the Group to distribute and market its products in over 80 countries, strengthening OQ’s position as a leading global energy sector player.
Al Maamari emphasized the “comprehensive changes” that led to “significant achievements” at both OQ Refining and Petrochemical Industries Company and Duqm Refinery. OQ RPI notably enhanced operational efficiency, processing 93 million barrels of Omani crude annually in 2025, compared to approximately 86 million barrels in 2021. The company also completed the first phase of its transformation plan (2022–2024), which helped generate cumulative profits of RO 474 million from 2021 to 2025.
Additionally, upstream oil and gas operations within the OQ Group increased oil and condensate production from 109,000 barrels per day in 2021 to over 224,000 barrels per day in 2025, accounting for 14% of Oman’s total production.
The Group’s marketing arm, OQ Trading, successfully diversified its portfolio by expanding into the fertilizer and ammonia sectors, delivering strong commercial results that exceeded initial expectations.
Reflecting this overall progress, the Group’s consolidated revenues rose to roughly RO 15.9 billion in 2025, up from about RO 9 billion in 2021. At the same time, the outstanding loan balance reduced from approximately RO 5.3 billion in 2021 to around RO 2.8 billion by the end of 2025, Al Maamari concluded.
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The Duqm Refinery’s turnaround from a significant EBITDA loss to a robust profit of RO 106 million in 2025 signals Oman’s strengthening foothold in global energy markets and enhanced operational efficiency across the sector. For businesses and investors, this recovery and expanded refining capacity present opportunities to leverage Oman’s integrated production system for broader market reach, while also highlighting the importance of strategic transformation and diversification in navigating volatile energy landscapes. Smart investors should now closely watch OQ Group’s continued growth and debt reduction as markers of a resilient and evolving energy ecosystem worth engaging with.
