OQ deepens Oman–Angola energy ties during Royal visit with strategic cooperation memoranda

Oman’s energy investment firm, OQ, has solidified its economic and investment ties with Angola through the signing of two memoranda of cooperation. The agreements, inked by OQ’s CEO Ashraf Hamed Al Mamari and Angola’s Minister of Energy and Water João Baptista Borges, as well as Sonangol’s Chairman and CEO Sebastião Pai Querido Gaspar Martins, aim to explore potential collaborations across various energy and industrial sectors.

The first memorandum focuses on renewable energy, with a goal to develop around 500 MW of renewable energy generation and a battery energy storage system under an independent power producer model in Angola. Potential areas of cooperation include upstream exploration and production, liquefied natural gas (LNG), fertilizers, gas monetization, and the supply and purchase of commodities.

Al Mamari emphasized that these memoranda mark a significant milestone in strengthening their partnership with Angola, aiming to stimulate sustainable investment in the renewable energy sector and contribute to knowledge transfer and infrastructure development. He expressed OQ’s interest in identifying economically viable projects that would benefit both parties.

Sonangol’s CEO Gaspar Martins highlighted the memorandum’s role in exploring potential areas of cooperation, stressing the need for technically sound, commercially viable projects that align with both Sonangol’s strategic objectives and Angola’s energy sector development priorities. He expressed optimism about advancing discussions and identifying long-term, commercially sustainable cooperation opportunities.

OQ already has a commercial presence across Africa, and these memoranda with Angola serve to expand OQ’s investment portfolio further on the continent.