Oman’s state-owned energy investment group OQ has signed two cooperation agreements with Angolan partners to explore opportunities in oil and gas, petrochemicals, fertilisers and renewable energy, as the two countries seek to strengthen investment and commercial ties.
The agreements were signed during Oman’s Sultan Haitham bin Tariq’s visit to Angola and bring together OQ, Angola’s Ministry of Energy and Water, and Sonangol, the African nation’s state-owned oil company.
One memorandum signed with Sonangol establishes a framework for both companies to evaluate potential cooperation opportunities across the energy value chain. Areas under consideration include upstream oil and gas exploration and production, liquefied natural gas (LNG), fertilisers, gas monetisation projects, ammonia, petrochemicals and commodity supply arrangements.
A separate agreement between OQ Alternative Energy and Angola’s Ministry of Energy and Water will examine the feasibility of developing around 500 megawatts of renewable energy capacity alongside a battery energy storage system under an independent power producer model.
Angola’s Energy and Water Minister, João Baptista Borges, said the agreement reflected the growing relationship between the two countries and could help channel investment into Angola’s energy transition.
“This strategic cooperation with OQ reflects the depth of the distinguished partnership and shared long-term vision between the Republic of Angola and Oman,” Borges said. “Through this practical framework, we aim to build a leading commercial model that stimulates sustainable investment in the renewable energy sector and contributes to knowledge transfer and infrastructure development.”
The agreements come as African nations seek greater investment in both conventional and renewable energy projects to support economic growth, improve electricity access and monetise natural resources.
Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ, said the agreements would help identify commercially viable investment opportunities in one of Africa’s leading energy producers.
“These memoranda mark an important milestone in strengthening our partnership with the Republic of Angola and exploring areas where our expertise converges with our investment ambitions,” Al Mamari said. “Angola presents significant opportunities across the energy value chain, and we look forward to working together to identify economically viable projects that create added value for both sides.”
He added that the agreements were aligned with OQ’s strategy of expanding international partnerships and strengthening its presence in global energy markets.
For Sonangol, the agreement offers a platform to explore new projects while ensuring that investments remain commercially sustainable.
“This memorandum provides Sonangol and OQ with a framework to explore potential areas of cooperation that can create sustainable growth while adding economic value for both companies,” said Sebastião Pai Querido Gaspar Martins, Chairman and CEO of Sonangol. “Our priority is to assess opportunities that are technically sound, commercially viable and aligned not only with Sonangol’s strategic objectives but also with the development priorities of Angola’s energy sector.”
OQ already has an established presence across Africa through its subsidiaries, and the company said the agreements with Angola would provide a framework for assessing new investments and expanding its portfolio across the continent.
Source: Khaleej Times