MAY 8, 2024

Oman aims to become a global energy source: OIA

Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority (OIA), emphasised Oman's pioneering role in clean energy development, stressing in particular the country’s ambitions to evolve into a global source of green energy.

Speaking to the media on Tuesday, shortly after the signing of key power and water agreements at W Muscat Hotel, Al Murshidi noted that renewable energy projects currently in progress and on the anvil will surpass Oman’s energy requirements. He further stated that the objective is for Oman to transform into a global energy provider, exporting renewable hydrogen in many forms, notably green ammonia, green methanol and other transportable derivatives.

Earlier, Nama Power and Water Procurement Co (Nama PWP) – part of Nama Group – signed power and water purchase agreements with a number of existing utilities in Oman to secure the country’s electricity and potable water requirements over the next nine years. The agreements cover supply commitments of over 1,500 MW of electricity and 200,000 cubic meters per day of desalinated water.

In comments to journalists, Al Murshidi underlined Oman’s commitment to harnessing renewable power for electricity generation and water desalination in line with its Net Zero pledges. This goal is being pursued in close alignment with the imperative of securing Oman’s power and water needs, he said. Tuesday’s agreements were aimed at extending the operational lifespan of existing power plants with the objective of ensuring a continuous supply of energy at reasonable prices for consumers, he further noted.

Renewable energy projects, OIA’s President said, are integral to Oman Vision 2040's strategy to diversify the economy and achieve sustainable development. To this end, the Omani government – represented by various stakeholder agencies – has signed a number of investment agreements during the recent Oman Sustainability Week (OSW).

Renewable energy projects will also play a crucial role in reducing greenhouse gas emissions and bolstering climate change mitigation efforts, he added.

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