Integrated Gas Company (IGC) has signed a new series of agreements under Oman’s Spot Gas Market, strengthening the flexibility of the country’s gas system and improving the allocation of natural gas resources.
The agreements were
signed at a ceremony held under the patronage of Qais Al Yousef, Chairman of
the Public Authority for Special Economic Zones and Free Zones (OPAZ), with
participation from government officials, industry leaders, gas producers, and
consumers.
Launched in mid-2024,
Oman’s Spot Gas Market has introduced competitive auctions and direct
transactions to improve transparency and ensure available gas volumes are
directed toward the highest-value economic activities.
The platform enables
industrial and commercial users to access additional or short-term gas supplies
to support operations, expansion plans, and investment opportunities.
IGC said the market
has strengthened supply-demand management, increased economic returns from
natural gas resources, and supported Oman’s industrial competitiveness.
The initiative also
contributes to sustainability goals by enabling greater use of cleaner-burning
natural gas as an alternative to diesel during periods of high demand.
The company
highlighted collaboration with Nama Power and Water Procurement Company to
provide additional gas volumes for power generation, supporting electricity
exports through the GCC Interconnection Grid.
Natural gas remains
central to Oman’s economy, providing around 95% of fuel for electricity and
water production and supplying more than 150 industrial and commercial
facilities across the Sultanate.
Abdulrahman Al Yahyaei, Chief Executive
Officer of Integrated Gas Company, said: “The Spot Gas Market has evolved into
a strategic platform that enhances the flexibility, efficiency, and
responsiveness of Oman’s gas sector. It enables us to allocate available gas
resources more effectively, support industrial expansion, and maximize the
economic value generated from the Sultanate’s natural gas resources. As Oman’s
economy continues to diversify and industrial demand grows, flexible
market-based mechanisms such as the Spot Gas Market will play an increasingly
important role in supporting sustainable economic development and long-term
energy security.”
Al Yahyaei added: “At IGC, we remain
committed to continuously enhancing market mechanisms and developing innovative
solutions that improve transparency, flexibility, and efficiency across the gas
value chain. Our objective is to ensure that Oman’s natural gas resources continue
to deliver maximum value to the national economy while supporting the
objectives of Oman Vision 2040 and creating sustainable benefits for future
generations.” -OGN/TradeArabia News Service
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