Portfolio
We deliver where others can’t.
We develop and operate complex critical infrastructure with high barriers to investment — increasing supply, improving efficiency and guaranteeing performance.
Portfolio at a glance
Infrastructure that compounds.
- 1,500MWinstalled power generation capacity at Bazian
- ~35%of the Kurdistan Region’s power supply
- 11vessels in the ON Fleet
- 55mbarrels traded per year
- 45,000bpdBazian refining capacity
- ~1,500professionals across our businesses
What we invest in
Ten sectors. One platform.
We develop economic clusters that capture synergies and strengthen trade flows, linking gas, power, refining, trading, shipping and the infrastructure around them.
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Power
Power generation through Taurus, our platform in the Kurdistan Region of Iraq.
1,500 MW
installed generation capacity
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Upstream
Unlocking the Miran Gas Field with our partner HKN Energy.
8 Tcf
estimated potential 2C resources at Miran
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Downstream
The Bazian Refinery — one of only two privately operated refineries in Iraq.
45,000
barrels per day refining capacity
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Commodities
Physical energy trading through ONEX DMCC, from Dubai and Geneva.
55m
barrels of commodities traded a year
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Shipping
A fleet of 11 tankers, seven LR2s and four VLCCs, serving our trading, refining and upstream businesses.
11
vessels in the ON Fleet
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Real Estate
The OWO, London — home to Raffles London and 85 residences.
$1.7bn
total investment value of The OWO
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Renewables
Developing, owning and exiting utility-scale wind in Portugal and Spain.
200+ MW
wind capacity developed and exited
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Telecom
Passive tower infrastructure in India through Ascend and TVI.
16,000+
towers in the combined Ascend–TVI portfolio
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Digital
An omnichannel retailer of home appliances and technology in Iraq.
250k
households served
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Mining
A shareholding in PDI Gold (ASX/TSX: PDI), the West African gold producer.
PDI
gold producer · Kiniéro operating
Explore our portfolio
Projects and holdings.
Filter by sector or region. Hover or focus a project to see its key figure.
Showing 12 of 12 projects
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PowerOperatingTaurus · Bazian
Kurdistan Region of Iraq
1,500 MWinstalled capacityView sector -
UpstreamIn developmentMiran Gas Field
Kurdistan Region of Iraq
8 Tcfpotential 2C resourcesView sector -
DownstreamOperatingBazian Refinery
Sulaymaniyah, Kurdistan Region
45,000 bpdrefining capacityView sector -
CommoditiesOperatingONEX DMCC
Dubai & Geneva
55mbarrels traded a yearView sector -
ShippingOperatingON Fleet
Regional & global routes
11vessels: 7 LR2, 4 VLCCView sector -
Real EstateOperatingThe OWO
Whitehall, London
$1.7bntotal investment valueView sector -
RenewablesExited 2023Portugal wind portfolio
Portugal
220 MWoperating wind portfolioView sector -
RenewablesStakeZaragoza wind stakes
Zaragoza, Spain
Windstakes in further projectsView sector -
TelecomMerged 2023Ascend Telecom
PAN-India
~7,000towers at investment (2022)View sector -
TelecomOperatingTVI–Ascend
PAN-India
16,000+towers, 27,500 tenanciesView sector -
DigitalOperatingDigital retail
Sulaymaniyah, Erbil & Baghdad
250khouseholds servedView sector -
MiningProducingPredictive Discovery
Guinea & Mali
ASX/TSXPDI · Kiniéro operatingView sector
No projects match these filters.
Where we invest
From the Gulf to the Atlantic.
Our assets span the Kurdistan Region of Iraq, the UAE, the United Kingdom, Portugal and Spain, India and West Africa.
1Kurdistan Region of Iraq2Dubai, UAE3Geneva4London, UK5Portugal6Zaragoza, Spain7India8Guinea9Mali- 1Kurdistan Region of IraqPower · Upstream · Downstream · Digital
- 2Dubai, UAEHeadquarters · Commodities trading & shipping
- 3GenevaCommodities trading hub
- 4London, UKReal estate · The OWO
- 5Portugal220 MW renewables · exited 2023
- 6Zaragoza, SpainWind project stakes
- 7IndiaTelecom towers · Ascend & TVI
- 8GuineaKiniéro Gold Mine · PDI
- 9MaliNampala Mine · PDI
Featured case studies
Uncover the full picture.
Power · Kurdistan Region of Iraq
1,500 MW through Taurus, our power platform.
Through Taurus, our power platform, we have grown Bazian from the first 500 MW in 2016 to 1,500 MW — including the 250 MW CCGT add-on completed in 2025.
Upstream · with HKN Energy
A world-class gas resource for regional energy security.
Through Miran Energy, our joint venture with HKN Energy in which ONEX holds a 50% interest, we signed a binding term sheet with the Kurdistan Regional Government in 2025 to develop one of the region’s largest gas fields in phases. The first well test is planned for January 2027.
Downstream · Sulaymaniyah
Turning domestic crude into high-value fuels.
Acquired in 2010, then restored, upgraded and expanded, the Bazian Refinery processes 45,000 barrels a day under a long-term tolling agreement with the Federal Government of Iraq.
Commodities · Dubai & Geneva
Connecting supply with demand across the energy value chain.
ONEX DMCC is our independent trading house in Dubai and Geneva. One of the leading lifters of fuel oil in the market, sourcing product from SOMO in Iraq, it trades fuel oil, naphtha and gasoline.
Shipping · Regional & global routes
A modern, expanding tanker fleet.
Our fleet of 11 tankers, seven LR2s and four VLCCs (very large crude carriers), supports our upstream, refining and trading operations. ONEX Peace was the world’s first merchant ship to receive DNV’s SILENT-E notation.
Real estate · London
Reviving a London landmark on Whitehall.
Britain’s former War Office, restored over eight years and opened in 2023 as The OWO: home to Raffles London, 85 residences and a Guerlain Spa.
Renewables · Portugal & Spain
Developing, owning and exiting utility-scale wind.
In 2022 we delivered 220 MW of renewables. The Portuguese wind portfolio was later sold to Finerge in 2023, recycling capital into our pipeline. We also hold stakes in wind projects in Zaragoza, Spain.
Telecom · India
Passive tower infrastructure at scale.
Through the TVI–Ascend combination we hold a PAN-India portfolio of more than 16,000 towers, alongside Global Infrastructure Partners, Blackstone and Mubadala.
Digital · Iraq
Technology for every home.
A leading omnichannel retailer of home appliances and technology in Iraq, with flagship showrooms in Sulaymaniyah, Erbil and Baghdad and more than 240 distribution partners.
Mining · Guinea & Mali
Gold in production in West Africa.
ONEX is a shareholder in PDI Gold Limited (ASX/TSX: PDI), formed when Predictive Discovery merged with Robex in April 2026. Kiniéro in Guinea is producing; Nampala in Mali and the Bankan development project complete the portfolio.
Private infrastructure player
Working with an international network of partners.
We are a private investment firm deploying capital across diverse sectors to capture high-growth opportunities in developed and emerging markets. By leveraging macro trends and fostering innovation, we drive sustainable value creation and deliver long-term impact through disciplined, forward-thinking investment.
We are committed to reducing the environmental impact of our infrastructure investments and to improving their societal impact.
