OQ Trading

What OQ Trading does

OQ Trading (OQT) is the international energy and commodity trading arm of the Government of Oman, incorporated in 2006 in the Dubai International Financial Centre (DIFC) under the original name Oman Trading International (OTI). Originally established as a joint venture between Oman Oil Company and a leading independent trading company, OQT became a wholly owned government entity in January 2016. The company trades crude oil (including the Oman Export Blend), refined products, petrochemicals, LNG, fertilisers, and carbon emissions, with 55 million tonnes of traded volumes in 2024 projected to rise to 60 million tonnes in 2025. Operations span seven global offices in Dubai (headquarters), Houston, London, Rotterdam, Muscat, Shanghai, and Singapore, serving counterparties in approximately 55 countries.

The company operates a three-pillar platform: (1) a physical commodity trading portfolio across 14 product categories from crude to emissions; (2) solutions including maritime logistics, vessel chartering, storage and blending, and shipping; and (3) working capital and structured finance solutions supported by $4.5 billion in credit facilities. Technology infrastructure includes the Trakk by Komgo platform for digital invoice verification (blockchain-based document authentication) and a risk management framework with group economic capital limits, portfolio risk limits, and KYC/sanctions screening via external providers.

Revenue is generated primarily through commodity trading transactions, capturing arbitrage flows on Omani hydrocarbon volumes and entrepreneurial third-party trading globally, plus structured finance fees on extended facilities. OQT serves as the exclusive market-facing partner for OQ Group assets (OQRPI, OMIFCO, OQEP, the OQ8 Duqm refinery) while also trading with external national oil companies, refiners, government importers (Bangladesh's Petrobangla, Maldives' STO), and independent trading houses. Distribution is exclusively direct, with no intermediary or reseller channels, and pricing is market-based and commodity-specific.

Name

OQ Trading

Legal name

OQ Trading Limited

Website

https://oqt.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

OQ Trading is the international energy and commodity trading arm of the Government of Oman, trading crude oil, refined products, petrochemicals, LNG, fertilisers, and emissions across 55 countries. Operating from seven global trading hubs, it manages 55 million tonnes of annual volume backed by $4.5 billion in credit facilities.

Ownership category

akta.pro rank

Product category

Energy Commodity Trading

NAICS

Commodity Contracts Intermediation (523160), Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

NGLs & LPG Trading & Marketing (EUAGAAAE)

akta.pro secondary industry

Market Access, Connectivity & Trading Technology (APIs, OMS/EMS, FIX connectivity, venue gateways) (EUABAAAF)

Keywords

• Energy commodity trading
• Crude oil marketing
• Petrochemical trading
• LNG supply agreements
• Structured trade finance

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Commodity Trading: OQ Trading generates revenue through trading crude oil, refined products, petrochemicals, LNG, fertilizers, and carbon emissions. The company enhances value of Omani hydrocarbons while also conducting entrepreneurial third-party trading globally. Revenue is derived from arbitrage flows and evolving market dynamics, leveraging Omani volumes alongside third-party trading activities.
2. Logistical and Financial Solutions: Provides value-added services including trading & marketing, storage & blending, shipping & logistics, and working capital & structured finance solutions. Revenue generated through competitive working capital support and structured finance solutions to counterparties, maintaining long-lasting relationships built on trust and performance.
3. LNG SPA Agreements: Long-term supply arrangements for liquefied natural gas, including agreements with Petrobangla (Bangladesh) and other international buyers. Provides medium-term structured finance facilities alongside supply arrangements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

OQ Trading is a global commodity trading company that sources, transports, trades, and markets crude oil, refined petroleum products, petrochemicals, LNG, fertilisers, and carbon emissions. It also delivers complementary maritime logistics, storage and blending, and structured trade finance solutions to counterparties across more than 55 countries from offices in seven trading hubs.

Product overview

OQ Trading (OQT) operates as an integrated energy and commodity trading company offering a diversified portfolio of products and services. The company trades crude oil, LPG, naphtha, gasoline, jet fuel, gasoil/diesel, fuel oil, sulphur, methanol, aromatics, ammonia, fertilisers, LNG, and carbon emissions. OQT functions both as the exclusive market-facing partner to OQ portfolio businesses and as an independent trader of third-party commodities globally. The product architecture consists of three main components: (1) Trading Portfolio covering all physical commodity products, (2) Solutions encompassing maritime logistics, storage and blending, shipping and logistics, and working capital and structured finance services, and (3) Trakk by Komgo for invoice verification and document authentication. With operations across 7 global offices in key trading hubs, OQT handles over 40 million MT of annual traded volumes and manages commodity flows from areas of production to areas of demand worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Trakk: A document verification service by Komgo that provides a secure network to stamp, trace and authenticate digital documents containing a QR code, helping to protect against fraud.

Products and services

• Crude Oil Trading Marketing of Oman Export Blend (OEB) crude and trading of global crude grades, supplying seaborne crude to refineries worldwide and optimising crude slate flexibility for buyers.
• Liquefied Petroleum Gas (LPG) Trading Supply of pressurised and refrigerated LPG with diversified global sourcing, serving emerging markets transitioning to lower-carbon-intensity fuels.
• Naphtha Trading Trading of naphtha as a key feedstock for the petrochemical industry and for gasoline blending.
• Gasoline Trading Blending operations across multiple hubs, sourcing and supplying both components and finished-grade gasoline to a global customer base.
• Jet Fuel Trading Trading of jet fuel including Jet A1, with exploration into Sustainable Aviation Fuel (SAF) for future portfolio inclusion.
• Gasoil and Diesel Trading Trading of gasoil/diesel fuel primarily used in transportation, industrial settings, and backup power generation.
• Fuel Oil Trading Trading of fuel oil for heating, power generation, and marine engines (bunker fuel).
• Sulphur Trading Trading of sulphur used in agriculture, petrochemicals, manufacturing, and clean energy technologies.
• Methanol Trading Trading of methanol as a chemical feedstock and clean-burning alternative fuel for gasoline blending and methanol-to-olefins.
• Aromatics Trading Trading of aromatics including Paraxylene, Benzene, Toluene and Xylenes used as feedstock for petrochemical products and octane boosters.
• Ammonia Trading Trading of ammonia used as feedstock for fertilisers and as a clean energy carrier for fuel cells.
• Fertilisers Trading Trading of predominantly urea (nitrogen-based fertiliser) with plans to expand the portfolio to additional complementary products.
• LNG Trading Trading of liquefied natural gas as a cleaner alternative to traditional fossil fuels, serving as a transition fuel supporting lower-carbon energy sources. Includes long-term LNG SPAs and structured finance facilities.
• Carbon Emissions Trading Management of carbon offsetting and decarbonisation needs for OQ and other industry stakeholders; OQT developed the first carbon project in Oman in 2012.
• Maritime Logistics Services Global maritime logistics including vessel chartering, access to clean products storage across multiple regions, storage and blending, and flexible shipping from VLCCs to coastal barges.
• Trade and Structured Finance Working capital support and structured finance solutions including a multi-region syndicated borrowing base credit facility, committed revolving credit facility, and bilateral credit facilities from a global lending pool, supplied alongside long-term commodity contracts.
• Trakk by Komgo Document verification service (by Komgo) that provides a secure network to stamp, trace and authenticate digital documents containing QR codes, enabling counterparties to verify invoice authenticity and protect against fraud.

Quantifiable outcome

• Trading volume exceeded 55 million tonnes in 2024 with projected 60 million tonnes in 2025
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Maldives State Trading Organization (STO)coreStrategic or Co-development Partner · 4 February 2026OQ Trading extended a medium-term structured finance facility to Maldives' STO alongside a mid- to long-term supply arrangement for light and middle distillate products. The agreement supports STO's procurement strategy while ensuring supply continuity across critical sectors including transport, power generation, and essential services. Follows strengthening economic ties between Oman and Maldives.
• Oman LNGcoreStrategic or Co-development Partner · 31 August 2023Oman LNG signed 2 binding term-sheet agreements with Oman Shell and OQ Trading in August 2023. The agreement supports OQ Trading's LNG business expansion and adds Oman LNG volumes to the trading portfolio planned for 2026.
• Petrobangla (Bangladesh)coreStrategic or Co-development Partner · 21 June 2023OQ Trading signed an LNG SPA (Sale and Purchase Agreement) with Petrobangla, Bangladesh's state-owned oil and gas corporation. This agreement was formalised as part of Bangladesh's 15-year trade agreement with the United States for LNG supply, though deliveries were later suspended under force majeure conditions.
• be'ah (Oman Waste Management Company)minorStrategic or Co-development Partner · 31 October 2022OQT and be'ah signed an agreement for emission reduction project development in the Oman waste management industry, supporting sustainability and decarbonization efforts.
• KomgocoreTechnology or Integration · 16 February 2022OQ Trading digitalised its flagship borrowing base facility managed by ING through Komgo appointment. Komgo is a digital trade finance platform for which OQT's CFO Sam Naylor serves as a director. Trakk by Komgo provides invoice verification service for secure document authentication.
• OQ Refineries and Petroleum Industries (OQRPI)coreStrategic or Co-development PartnerOQT is a strategic partner to OQRPI, managing all OQRPI's international trade for refined products and aromatics. This includes procuring all feedstocks, blend components and trading all finished product exports for OQRPI.
• Kuwait Petroleum Corporation (KPC)coreStrategic or Co-development PartnerOQ Trading alongside KPC is joint supplier and offtaker for the OQ8 refinery at Duqm - a joint venture between Kuwait Petroleum International and OQ.
• Hass PetroleumminorOthersOQ Trading holds an investment in Hass Petroleum, an East Africa-based retail and fuel distribution business operating across nine East African countries. OQT CEO Wail Al Jamali and CFO Sam Naylor serve as directors on the Hass Petroleum Board.
• VitolminorStrategic or Co-development PartnerOQT was involved in the JV agreement process with Vitol Holding to initiate a trading company that eventually became Oman Trading International (OTI - now OQT). Historical partnership that led to the formation of the company.

Scale indicators9 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Gunvor Group: Major independent commodities trader with significant crude, refined products, and LNG activities. Comparable scale to OQT and a similar global office footprint; competes directly for third-party volumes in the same physical product categories.
• Hartree Partners: Global commodities and energy trader active in physical crude, refined products, LNG, and petrochemicals. Comparable business model focused on physical flows, structured finance, and global counterparty relationships; competes with OQT for marginal volumes and structured deals.
• Mercuria Energy Trading: Large independent global energy and metals trader. Closely comparable in product scope (crude, refined products, LPG, LNG, biofuels) and in its mix of physical trading with growing transition-fuel exposure; similar entrepreneurial trading culture.
• Adnoc Trading: Trading arm of Abu Dhabi National Oil Company. Closest NOC-backed peer with an analogous mandate to monetize national hydrocarbon production alongside third-party trading; operates in crude, refined products, LNG, and petrochemicals using a comparable state-owned balance sheet and global office footprint.
• Vitol: World's largest independent energy commodities trader. Most directly comparable peer — Vitol was OQT's original joint venture partner when OQT (then OTI) was established in 2006 and continues to operate in identical physical crude, refined products, LPG and LNG markets with a similar global hub-and-spoke model.
• Trafigura: Top-tier independent commodities trader headquartered in Singapore. Direct competitor across crude, refined products, LPG, and metals/minerals; comparable business model mixing physical flows with structured trade finance and a global office network.

Broad incumbents

• Equinor ASA: Norwegian state-owned integrated energy company with a substantial in-house trading and marketing division. Comparable as a state-major with integrated upstream-to-trading flows, international crude and LNG offtake, and ambitions in low-carbon energy trading.
• Saudi Aramco Trading: Trading arm of Saudi Aramco, one of the largest NOC-backed trading operations globally. Analogous mandate of monetizing national oil production through international trading; trades crude, refined products, and petrochemicals with significantly larger scale than OQT.
• Glencore Energy: Energy trading division of Glencore, one of the world's largest diversified commodity traders. Competes head-to-head with OQT in crude and refined products but operates as part of a much larger diversified mining and marketing conglomerate.

Emerging players

• PTT International Trading: International trading arm of Thailand's PTT. Comparable NOC-backed energy trader operating across crude, refined products, LNG, and petrochemicals with a focus on Asian demand growth; smaller scale than OQT but directly comparable in mandate and product mix.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oqtrading

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OQ Trading