Oman LNG net profit drops by 40% in 2020

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هذه الصفحة متوفرة بهذه اللغة: العربية

5 July 2021

MUSCAT (WAF)- Oman Liquefied Natural Gas Company (Oman LNG) has reported a net profit of $663 million in 2020, down by 40% from 2019’s profit of $1.1 billion.

The Company’s annual report, issued today, shows that the total revenues for the fiscal year 2020 amounted to 2.5 billion US dollars, compared to $3.5 billion in 2019, a decrease of 28%. The decrease was “mainly attributable to low oil pricies,” Oman LNG report stated.

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The Company, one of the largest taxpayers in Oman, paid $112 million in taxes in 2020 and dedicates 1.5% of its annual net income to its Social Investment Programme.

In 2020, the number of LNG cargos delivered was down by 6.6% compared to 2019. As a result, the Company delivered 10.2 million tons of LNG in 2020, compared to 10.7 million tons in 2019 and 10.4 million tons in 2018.

According to the annual report, Qalhat LNG – which was merged with Oman LNG in September 2013- signed a five-year agreement with Mitsui & Co. Ltd to deliver 0.8 Million Tonnes Per Annum (mtpa) from January 2021 to December 2025.

Oman LNG is 51% owned by the government of Oman represented by Oman Investment Authority, Shell Gas VB owns 30% of its shares, Total SA owns 5.54%, Korea LNG Company owns 5%, 2.77% to each of Mitsubishi Corp. and Mitsui & Co. Ltd., 2% owned by Partex Oman, and 0.9% by Itochu Corporation.