In the night at the port of Sierra Leone, cargo ships line up to dock, and the tank area is brightly lit. This city has long been famous for frankincense, dates, and the Indian Ocean, but behind the port, another industrial system has been operating for many years: natural gas enters the facility, producing methanol, ammonia, and liquefied petroleum gas, which are then loaded onto ships and shipped to Asia and Europe.

On September 29, 2026, the management of OQ Base Industries disclosed that the company is still conducting detailed research on the methanol plant expansion project. It should be emphasized that this is not a final investment decision, and the project is still in the stage of technical and operational evaluation. But this is not a temporary idea - the company has already included methanol expansion in its long-term growth path. Its publicly available investor information shows that the goal of the brownfield expansion plan is to increase the existing methanol production capacity by about 50%, with an expected increase of about 550000 tons/year of new production capacity.

Why methanol

Methanol rarely enters the consumer's field of vision, but is hidden in a large number of industrial chains: formaldehyde, acetic acid, plastics, coatings, adhesives, building materials, and fine chemicals can all extend downwards along it. In recent years, it has gained another identity - the shipping industry is seeking low-carbon fuels, and green methanol has become a continuous focus for shipping companies, ports, and energy enterprises. The International Maritime Organization's carbon intensity index has come into effect, and the European Union's carbon emissions trading system and maritime fuel regulations continue to increase the demand for alternatives. The global scale of methanol fuel ships that have been put into operation or ordered is close to 450.

For Oman, methanol is no longer just an export commodity, but may also be a gateway to the fine chemical and new energy industries. In addition to expanding methanol production, OQBI's public information also lists acetic acid PTA、 Potential downstream directions such as urea, formaldehyde, ammonium phosphate, ammonium nitrate, polymers, and butadiene have vaguely formed a longer industrial chain. China is an important buyer at the other end of this chain: in 2024, China imported 3.3977 million tons of methanol from Oman, accounting for 25.2% of the total imports, ranking first among all countries.

First check the account book before expanding production

Discussing the timing of expanding production, financial data provides another perspective. In the first half of 2026, the total sales volume of OQBI reached 940000 tons, higher than the same period last year's 916000 tons, a year-on-year increase of 2.6%, of which methanol sales increased by about 2.2% and ammonia sales increased by about 9%; During the same period, EBITDA reached 70.6 million Omani riyals, a year-on-year increase of 56.3%, and net profit was 43.5 million Omani riyals, a year-on-year increase of 86%.

The company is clearly not discussing expansion during times of maximum operational pressure: existing facilities maintain high loads, leaving room for discussion on cash flow and profits for future investments. But whether the project can ultimately be implemented depends on natural gas supply prices, global methanol prices, financing costs, construction costs, and whether the newly added production capacity can be absorbed by the market. The operating cycle of large-scale chemical plants is estimated to be ten or even decades, and today's judgment must withstand the next round of commodity cycles.

Not just selling an extra 550000 tons

Put it in the national industrial policy, the weight is clearer. Oman will approve the "2040 Industrial Strategy" in 2024, jointly developed with the United Nations Industrial Development Organization, with the goal of breaking away from dependence on oil and gas exports. The industrial sector currently contributes about 9% to GDP. This country holds natural gas, ports, free zones, and shipping routes to three continents. In special zones such as Dukum, as long as 33% of the industrial added value of the product is formed in Oman, it can obtain a certificate of origin for Omani manufacturing and enjoy free trade agreement treatment for exports to Europe and America. The province of Zofar, where Salalah is located, is also a key layout area for Oman's green hydrogen project.

If methanol is only exported by ship, the value chain will end at the port; If we continue to move on to acetic acid, formaldehyde, resin, engineering materials, and fine chemicals, a whole ecosystem of storage tanks, pipelines, instruments, electrical equipment, valves, anti-corrosion, industrial coatings, logistics, maintenance, and engineering services will grow around a large facility.keywords:New energy information network

For Chinese industrial enterprises, the real opportunity for major projects will not wait until the day the EPC contract is announced. From feasibility study FEED、 Financing, equipment procurement, construction, and production will release demand in stages. At present, the expansion of OQBI methanol is still at the forefront, and whether it can be implemented remains to be officially decided by the company. But one thing is becoming increasingly clear: this country is not satisfied with simply shipping underground resources, it wants more products to go through a few more processes before leaving Oman. Those few processes are the real value that Oman's manufacturing industry will compete for in the coming years.Editor/Yang Meiling