OOMCO and TFG Marine establish joint venture to supply marine fuel in Oman

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The new venture, named TFG-OOMCO LLC, will operate under a shareholder’s agreement signed on December 24, 2024, following the receipt of all necessary approvals from relevant authorities.

Under the agreement, OOMCO will hold a 49 percent stake, while TFG Marine will own the majority share of 51 percent. The total equity for the venture amounts to RO 134,750. The new company will focus on meeting the growing demand for high-quality marine fuels at the ports of Muscat, Duqm, and Sohar, ensuring compliance with the highest international health, safety, and environmental standards.

TFG-OOMCO LLC is expected to begin operations in the first quarter of 2025, offering marine fuel supply services for vessels operating within the territorial waters of the Sultanate of Oman.

In a disclosure on Muscat Stock Exchange, OOMCO highlighted that the partnership aims to enhance the supply of essential fuel for the maritime sector, reinforcing Oman’s position as a key player in the region’s shipping and logistics industries.

Source:https://www.thearabianstories.com/2025/01/20/oomco-and-tfg-marine-establish-joint-venture-to-supply-marine-fuel-in-oman/

ASYAD Shipping Company charts IPO course on the Muscat Stock Exchange

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ASYAD Group announces its intention to offer at least 20 per cent of the issued capital of ASYAD Shipping Company (under transformation) for public subscription and trading on the Muscat Stock Exchange.

The offering comes as part of Asyad Group’s vision to drive its operational growth, diversify its business portfolio, and achieve sustainability and long-term growth. Achieving a compound annual growth rate (CAGR) of 21% in revenue and 73% in net profit, this growth has been underpinned by the group’s expansion into over 90 geographical markets, including into major global economies such as China, India, the United States, and the GCC.

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Source:https://www.thearabianstories.com/2025/01/22/asyad-shipping-company-charts-ipo-course-on-the-muscat-stock-exchange/

Industrial sector records positive performance at Muscat Stock Exchange

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The index rose by 55 points, even as the main index declined by 18 points, closing at 4,603 points. Meanwhile, the financial sector index fell by 32 points, the services sector index decreased by 24 points, and the Sharia index dropped by 8 points.

Despite the broader market downturn, industrial companies performed well, with 37 securities experiencing declines, compared to 21 securities that saw price increases.

The building materials industry share surged by 36 percent, closing at 67 baisas. Other top performers included Al Anwar Ceramic Tiles, which rose by 10 percent to 107 baisas, and Gulf Engineering and Contracting, which climbed 6.7 percent to close at 79 baisas. Gulf Mushroom Products and Al Maha Ceramics shares also saw increases of 2.5 percent and 2.3 percent, closing at 245 baisas and 130 baisas, respectively.

The decline in stock prices last week was reflected in the overall market value of the Muscat Stock Exchange, which dropped to RO 27.8 billion by the end of Thursday’s trading, a loss of about RO 290 million for the week.

Trading volume also saw an increase, with the number of executed transactions rising to 4,898, compared to 4,289 in the previous week. However, the total trading value remained at RO 16.9 million, consistent with the previous week’s level.

OQ Exploration and Production led the market in terms of trading value, with transactions worth RO 3.1 million, accounting for 18.1 percent of total trading value. Bank Muscat followed in second place with RO 2.5 million, while OQ Base Industries ranked third, with a trading value of RO 2.2 million, representing 13 percent of the total.

In terms of the biggest gainers, the building materials industry, Majan Glass, Oman Finance Free Bonds, Issue 68 of Government Development Bonds, and Al Anwar Ceramic Tiles led the pack. On the other hand, Oman Chrome experienced the largest decline, falling 14.8 percent to RO 3.150. Oman Investment and Finance dropped by 11.5 percent, closing at 84 baisas, and Salalah Port Services saw a 10 percent decrease, closing at 252 baisas.

Source:https://www.thearabianstories.com/2025/01/25/industrial-sector-records-positive-performance-at-muscat-stock-exchange/

GCC countries ranked sixth worldwide in volume of trade in goods

Scion Industrial Engineering

The Foreign Trade Report of the Gulf Cooperation Council (GCC) countries 2023 issued by the GCC Statistical Centre“GCC-Stat” indicated that the GCC came sixth on the list of top countries worldwidein the volume of trade in goods index.

The GCC countries accounted for 3.4% of the total volume of global trade in goods, with a value amounting to 1.5 trillion US dollars in 2023, logging a decrease of 4.0% compared to the figures recorded in the previous year.

The GCC countries came third globally on the list of top countries worldwide in the merchandise trade balance index in 2023, with a value of 163.7 billion US dollars, compared to 381.3 billion US dollars recorded in 2022, which marked a decrease of 57.1%.

The report revealed that the GCCountries ranked fifth among the top countries worldwide in the index of total commodity exports in 2023, with a share of 3.1% of the total volume of global commodity exports, which amounted to 0.8 trillion US dollars in 2023, with a decrease of 14.5% compared to the figures recorded in the previous year.

The GCC countries also ranked ninth globally in the total merchandise imports index in 2023, with a share of 2.7% of the total volume of global merchandise imports, at a value of 0.7 trillion US dollars in 2023, with an increase of 13.4% compared to the figures logged in the previous year.

The report indicated that the GCC countries’ trade in goods (excluding intra-trade) decreased by 4.0% in 2023, reaching about 1,482.4 billion US dollars in 2023, compared to 1,482.4 billion US dollars in 2023.

The value of commodity exports of the GCC Countries decreased from $962.6 billion in 2022 to $823.1 billion in 2023, with a decrease of about $139.5 billion and a rate of 14.5%.

The report added that the index of commodity imports of the GCC countries rose to about 659.3 billion US dollars in 2023, compared to 581.3 billion US dollars in 2022, with an increase of 78.0 billion US dollars compared to the figures recorded in the previous year and a growth rate of 13.4%. It also explained that the value of oil exports of the GCC countries decreased by 20.5% in 2023 to reach $525.5 billion, compared to $661.1 billion in 2022.

As for the main trading partners, the GCC-Stat explained that China ranked first on the list of main trading partners in the commodity trade volume index in 2023. The value of the commodity trade volume amounted to 297.9 billion US dollars, surpassing its closest competitor, India, which ranked second with a value of 150.4 billion US dollars, with a difference of 147.6 billion US dollars.

China is also the GCC Countries’ most important trading partner. It ranked first in terms of the commodity exports index by importing 19.2% of the total Gulf commodity exports to global markets in 2023, at a value of $158.3 billion compared to $190.4 billion in 2022, with a decrease of 16.8%.

China also ranked first among the GCC countries’ main trading partners in the 2023 Total Merchandise Imports Index. It exported 21.2% of the GCC’s total merchandise imports in 2023, with a value of USD 139.6 billion compared to USD 126.0 billion in 2022, recording an increase of 10.8% over the previous year.

Source:https://www.thearabianstories.com/2025/01/25/gcc-countries-ranked-sixth-worldwide-in-volume-of-trade-in-goods/

Alizz Islamic Bank partners with Adrak Developers to offer home finance facilities in ‘Hai Al Naseem’ and ‘Yenaier’ projects

Alizz Islamic Bank and Adrak Developers have signed an agreement to provide home financing solutions for the bank’s customers who wish to own a home in the ‘Hai Al Naseem’ Project in Wilayat Barka and ‘Yenaier’ Project in Sultan Haitham City.

The agreement was signed by Mr. Saif Al Yahyai, Acting Chief Retail Banking Officer at Alizz Islamic Bank on behalf of the bank and Dr. Aadil Alexander, Executive Director on behalf of Adrak Developers.

Under this agreement, customers will receive competitive financing rates to purchase residential units in the ‘Hai Al Naseem project located in Barka and that will provide 1,051 residential units designed in an ecosystem that balances nature and tradition with modern living standards. Customers will also be able to receive competitive finance rates to purchase residential units in the ‘Yenaier’ project in Sultan Haitham City, which will offer more than 700 apartments, spanning studio units to three-bedroom homes as well as a range of commercial spaces.

Alizz Islamic Bank strives to partner with various real estate development companies, with the aim of providing multiple financing solutions to customers in purchasing homes that match their needs and financial capability across the Sultanate.

Source:https://www.thearabianstories.com/2025/01/27/alizz-islamic-bank-partners-with-adrak-developers-to-offer-home-finance-facilities-in-hai-al-naseem-and-yenaier-projects/

Oman Electricity Transmission Company launches Green Financing Framework to support Green Economy Transformation

As part of its commitment to environmental sustainability and in alignment with the high standards of environmental, social, and governance (“ESG”) practices, Oman Electricity Transmission Company (“OETC”) has recently launched its Green Financing Framework (the “Framework”). This strategic initiative aims to support the company’s goals in Oman’s transition towards a low carbon economy, in line with the national objectives of Oman Vision 2040 and the target of achieving net-zero carbon emissions by 2050. The OETC’s Green Financing Framework was structured in collaboration with the “Citi Bank”.

This Framework allows the company to increase its funding potentials through green bonds, sukuks, and green loans, which will be dedicated to green investments in areas such as electricity transmission, renewable energy, energy efficiency, green buildings, sustainable water and wastewater management, and pollution prevention and control. These efforts aim to enhance the reduction of carbon emissions, improve energy security, and ensure grid reliability, among other benefits. OETC is well-positioned for success in this area, with one of its main strengths being its focus on transmitting clean and renewable energy through its nationwide electricity transmission network.

The company has also received a Second Party Opinion (“SPO”) from Det Norske Veritas (“DNV”), which confirmed that the Framework aligns with the latest guidelines of the Green Bond Principles issued by the International Capital Market Association (ICMA), as well as the Green Loan Principles set by the Loan Market Association (“LMA”), Loan Syndications and Trading Association (“LSTA”), and Asia Pacific Loan Market Association (“APLMA”).

Reaffirming OETC’s commitment to the low carbon transition, Eng. Saleh bin Nasser Al Rumhi, the CEO of OETC, highlighted the company’s efforts, plans, and initiatives, along with the various projects it is implementing to strengthen the green and renewable energy sector. He also emphasized the meticulous steps the company is taking to grow in this area, adhering to internationally approved frameworks, regulations, and standards.

Al Rumhi added, “Launching OETC’s Green Financing Framework is a significant and bold step, and part of the strategies for enabling a more sustainable future for Oman and its economy. This initiative not only enhances our position as a responsible and leading company and as enablers of this green transformation but also supports Oman’s broader objectives and contributes to achieving Oman Vision 2040.”

It is worth mentioning that OETC, a member of Nama Group, is the only company responsible for the transmission and control of electricity across the Sultanate’s network. The electricity is transmitted from production stations to distributed load centers in the governorates. The transmission network operates at a voltage of 132kV and above to cover most of the governorates in the Sultanate, whether in the north or the south. Furthermore, OETC manages the interconnection lines between Oman and the GCC interconnection network, which operates at a voltage of 220kV.

Source:https://www.thearabianstories.com/2025/01/27/oman-electricity-transmission-company-launches-green-financing-framework-to-support-green-economy-transformation/

Investment opportunity for Oman’s one-stop inspection and clearance station

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In collaboration with the Ministry of Housing and Urban Planning, the transport ministry has announced an investment opportunity for the development, management, and operation of a One-Stop Inspection and Clearance Station. The project, aimed at improving the logistics sector, invites both local and international companies specializing in logistics to submit investment proposals.

The initiative is part of the government’s broader effort to meet the goals set out in the Sultanate of Oman’s Logistics Strategy 2040, which focuses on creating efficient and integrated facilities for inspection, clearance, control, and handling services. The facility will operate according to the best international standards, ensuring high levels of security and safety.

In line with Oman Vision 2040, which emphasizes private sector participation, the Ministry is offering investment opportunities on lands owned by the MTCIT. The objectives of the project include the optimal use of these sites, supporting the transport sector, and facilitating smoother supply chain procedures. The investment is expected to deliver significant local value while enhancing logistics services in the country.

Source:https://www.thearabianstories.com/2025/01/28/investment-opportunity-for-omans-one-stop-inspection-and-clearance-station/

Emirates Global Aluminium makes it to WEF Lighthouse Network

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Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside the oil and gas sector, has been recognised by the World Economic Forum (WEF) and included in its Global Lighthouse Network.

This network comprises facilities demonstrating the successful adoption of Fourth Industrial Revolution (4IR) technologies at scale.

EGA achieved this recognition as a 4IR Lighthouse due to its accomplishments in maximising performance efficiency through technology-driven transformation.

This distinction highlights EGA’s leadership as the first industrial company in the UAE and the first aluminium company globally to be included in the network, it stated.

As part of its digital transformation, EGA has focused on empowering and upskilling its workforce in digital capabilities. Over 3,000 EGA employees have been trained in areas such as artificial intelligence and agile working methodologies.

Integrating 4IR technologies and artificial intelligence has significantly improved EGA’s operational efficiency and productivity.

Over the past three years, the company has realised financial impact exceeding AED365 million ($100 million) by implementing more than 80 4IR use cases, along with improvements in quality, safety, and sustainability.

EGA has reduced operational downtimes by 50%, decreased non-productive time by 18%, and increased overall equipment effectiveness by 12% in Al Taweelah, including by utilising locally developed industrial technologies.

EGA’s new digital manufacturing platform has reduced the cost of AI-based image and video analysis by over 80% while increasing its speed by up to 13 times compared to previous solutions.

EGA Chief Executive Officer Abdulnasser Bin Kalban pointed out that this achievement strengthens the UAE’s position and leadership in developing and adopting industrial technologies.

Joining the Global Lighthouse Network increases opportunities for knowledge exchange to further enhance competitiveness in 4IR and AI applications, improving efficiency, sustainability, and innovation.

Bin Kalban said EGA launched its digital transformation plan way back in 2021.

“This recognition from the World Economic Forum reflects the company’s significant progress in adopting 4IR technologies to enhance its industrial and commercial operations, improve performance efficiency, and elevate customer and employee experience,” he noted.

EGA continues to strengthen its capabilities and competitiveness by adopting and developing the latest innovations and technologies to achieve the highest levels of production efficiency, he added.

Source:https://www.zawya.com/en/business/energy/emirates-global-aluminium-makes-it-to-wef-lighthouse-network-i9eqsowo

Kuwait’s KOC key to oil sector development and economic growth: minister

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The Ministry of Oil on Thursday highlighted the pivotal role played by the Kuwait Oil Company (KOC) in advancing the oil sector through its ambitious strategies, which align with the latest global developments. The Ministry emphasized that KOC remains a crucial pillar for the development and prosperity of the Kuwaiti economy.

This statement was made by Sheikha Tamader Khaled Al-Ahmad Al-Sabah, the Director of Public Relations and Petroleum Media at the Ministry of Oil, during a discussion session titled “History of Kuwait Oil Company and its Pivotal Role.” The session also featured Qutaiba Okasha, Head of the Strategic Planning Team at KOC.

Sheikha Tamader Al-Sabah noted that KOC celebrated its 90th anniversary on December 23, underscoring the company’s integral role in the modern Kuwaiti journey. She explained that KOC has been a key player in pivotal historical milestones, from the discovery of the first oil well in the Burgan field in 1938 to the export of Kuwait’s first oil shipment in 1946, as well as numerous achievements since then.

She further highlighted KOC’s commitment to digital transformation, enhancing operational efficiency, and prioritizing environmental sustainability. These efforts reflect KOC’s dedication to contributing to the “New Kuwait 2035” vision and strengthening Kuwait’s position as a global energy and technology hub.

Sheikha Tamader Al-Sabah expressed that KOC’s successes would not have been possible without the dedication of its employees, who are the foundation of the company. She reiterated the Ministry of Oil’s commitment to supporting initiatives that enhance Kuwait’s standing in the energy sector and contribute to the country’s sustainable development.

In his presentation, Qutaiba Okasha provided an overview of KOC’s recent accomplishments, its 2040 strategy, digital transformation efforts, and five-year plan. He explained that KOC operates in two major production areas: South and East Kuwait, and North and West Kuwait. The company has recently improved its organizational structure to address challenges and increase production efficiency.

Okasha also highlighted KOC’s large-scale operations, including exploration, production, export, and offshore operations. He outlined the company’s infrastructure, such as gathering centers, gas booster stations, and water injection facilities that support production. KOC exports a range of oil products, including Kuwait Export Oil, Kuwait Light High-Quality Oil, and others, to various markets.

The company has achieved significant milestones in recent years, such as the first offshore oil discovery and drilling the first offshore well, “Nukhada-1.” Additionally, KOC operated the heavy oil station in 2019 and successfully exported its first shipment of 500,000 barrels in 2020. Okasha also noted that KOC has made impressive progress in gas production, with a record production of 683 million cubic feet per day in November 2024, and a significant reduction in gas flaring, from 17 percent in 2006 to less than 0.5 percent today.

KOC has set ambitious long-term goals, including raising its production capacity to 4 million barrels per day by 2035, with KOC contributing 3.65 million barrels per day to this target. In the gas sector, the company plans to increase free gas production to 2 billion cubic feet per day by 2040, with KOC contributing 1.5 billion cubic feet per day to this target.

Okasha also discussed KOC’s energy transition strategy, which aims for carbon neutrality (Scope 1+2) by 2050. He emphasized that KOC will continue to operate responsibly as a hydrocarbon producer, minimizing carbon emissions, and exploring new energy solutions.

The Ministry’s five-year strategic plan includes increasing KOC’s production capacity to 3 million barrels per day and non-associated gas production to 900 million cubic feet per day by 2026/2027. Despite rising production costs, KOC’s efficiency remains one of the highest in the world. Okasha stressed that the company is actively working to control production costs by improving its organizational structure, investing in preventive maintenance, and utilizing advanced technologies like artificial lift pumps and digital applications to enhance productivity and reduce costs.

Source:https://www.zawya.com/en/business/energy/koc-key-to-oil-sector-development-and-economic-growth-minister-d4mjoyld

Oil prices recover in December 2024; Aramco reduces prices for 2025 beginning: Aljazira Capital

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The recent oil and petrochemicals monthly report by Aljazira Capital unveiled that methanol, propylene, and Urea prices rose in December 2024, while EDC, PVC, HDPE and PC declined.

The listed Saudi Arabian Oil Company (Aramco) lowered propane and butane prices for January 2025: Naphtha prices decreased 0.8% month-on-month (MoM) to $645 per tonne in December 2024.

Propane and butane prices remained flat at $635 per tonne and $630 per tonne, respectively.

Aramco slashed the prices of propane and butane for January to $625 per tonne and $615 per tonne, respectively.

Aljazira Capital stated that oil prices recovered in December last year amid Chinese stimulus, sanction expectations, and US inventory drawdowns. Momentum continued in January 2025 as the US imposed fresh sanctions on Russian supply.

The prices were under pressure during the start of the month due to oversupply concerns and weaker demand outlook for fiscal year 2025.

The research company added: “Later, the prices recovered on account of expectations of higher demand from China owing to fresh stimulus packages, anticipation of sanctions on Russia and Iran, also aided by drawdown in US inventories amid higher demand. In early January, oil continued to rally, as the US imposed fresh sanctions targeting Russian oil supply.”

Brent increased by 1.7% MoM, while WTI rose 3.8% MoM in December, ending at $74.2/bbl and $70.6/bbl, respectively.

Natural gas prices at Henry Hub grew 4.5% MoM to $3.5/mn Btu.

Source:https://www.zawya.com/en/business/energy/oil-prices-recover-in-december-2024-aramco-reduces-prices-for-2025-beginning-aljazira-capital-e6vuwd1e