Oman LNG’s revenues by the end of 2021 recorded an increase of 31 per cent to reach US$3.278bn compared to 2020. The rise is driven by the global economic revival during 2021 and increasing global energy prices.
The company’s Net Income After Tax (NIAT) marked an increase by 34 per cent, reaching US$886mn in 2021 compared to US$663mn in 2020 as indicated by the company’s recently published Annual Report.
Furthermore, the LNG sector in Oman supported the national revenues from gas by US$2,873 million in 2021.
Throughout 2021, the company continued to be a pioneer in corporate social responsibility by dedicating a total of US$37mn to different social investment programmes, initiatives and contributions to relief efforts in areas affected by the tropical cyclone Shaheen and severe weather conditions in the Governorate of South A’Sharqiyah.
Moreover, the company financed the development, establishment and inauguration of various pivotal projects including the Fatah Al Khair Centre in Sur and the provision of solar panels in 32 different buildings of the Omani Women’s Associations.
The company also funded equipping health centres in the governorates of North A’Sharqiyah and South A’Sharqiyah, as well as the Royal Hospital in the Governorate of Muscat with high-end medical tools and equipment. Oman LNG also supported the refurbishment of various laboratories in different higher education institutions in the Sultanate of Oman.
Talal Al Awfi, Chairman of Oman LNG’s Board of Directors said that Oman LNG has shown due diligence and ability to cope with different challenges it faced throughout the year. The company has also successfully surpassed these challenges and continued marking success stories across all levels.
He underscored Oman LNG’s keenness to reach remarkable levels of success during 2021 as shown by its revenues and NIAT which reached levels near what was recorded before the Covid-19 pandemic.
Despite the various challenges it faced in 2021, Oman LNG looks ahead to enhance its cooperation and collaboration with its stakeholders to further develop the energy sector.
In terms of Health, Safety and Environment (HSE) Oman LNG achieved a total of 10 million work hours without Lost-Time Injury (LTI), which is the equivalent of 688 days without LTI. Such a step is a testimony to Oman LNG’s ever-growing steps to sustain the safety and security of its staff personnel and the local community.
Moreover, the company accomplished a number of strategic projects and successfully completed its turnaround activities, which involved the participation of round-the-clock staff and contractors. With clear succession planning and a tailor-made training programme, the Omanisation rate has reached a remarkable 91% in Oman LNG.
In 2021, Oman LNG continued enhancing and developing strategic projects including the Plant Rejuvenation Project and introducing modern technology to further boost the plant’s reliability and increase efficiency, among other projects.
Such important projects contributed to accelerating the company’s production to 10.6mn metric tonnes of LNG in 2021 compared to 10.2mn metric tonnes in 2020. With the successful completion of these projects, it is expected that the production capacity will increase to reach over 11mn metric tonnes.
In terms of marketing, a total of 163 LNG cargoes were delivered to customers around the globe safely and reliably. Of those, 119 cargoes were from Oman LNG and the remaining 44 from Qalhat LNG. A total of 30 Natural Gas Liquids (NGL) cargoes were also shipped to local refinery companies in Oman.
The direction and ultimate support from the government, Oman Investment Authority (OIA) and Oman LNG’s shareholders, as well as the company’s workforce, have all fueled the path to reach over 20 destinations around the globe and maintain a good reputation in the global LNG markets by being a reliable LNG supplier.
