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    Oman LNG's net income down 40% in 2020

Summary

The company’s LNG output was 10.2mn metric tons, down from 10.7mn mt in 2019.

by: Shardul Sharma

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Complimentary, NGW News Alert, Natural Gas & LNG News, Middle East, Liquefied Natural Gas (LNG), Security of Supply, Corporate, Import/Export, Financials, News By Country, Oman

Oman LNG's net income down 40% in 2020

State-owned Oman LNG’s net income after tax in 2020 came in at $663mn, down 40% year/year owing to lower oil prices, the company said in its 2020 annual report published this month. Revenue came in at $2.5bn compared with $3.5bn in 2019.

The company’s LNG output was 10.2mn metric tons, down from 10.7mn mt in 2019. Some 155 cargoes were loaded from Oman LNG’s plant in Sur: 114 for Oman LNG and 41 on behalf of Qalhat LNG, which owns the third of the LNG production unit at the plant in Qalhat, Sur. In 2019, 166 cargoes were shipped.

Qalhat LNG has three long-term sales and purchase agreements for a total contracted volume of about 3.3mn mt/yr. In September 2013, the management of Qalhat LNG integrated with Oman LNG.

Oman LNG is 51% owned by Oman state, 30% by Anglo-Dutch Shell, 5.4% by Total, 5% by Kogas, and Japanese and Omani firms own other stakes of under 3%.