OIA and its affiliates achieve success in gas, mining fields

Business Monday 02/January/2023 15:57 PM
By: Times News Service
OIA and its affiliates achieve success in gas, mining fields

Muscat: Abdulsalam Al Murshidi, President of Oman Investment Authority (OIA) commended the talents of OIA and its companies, noting that their collective efforts have led to the realisation of many goals of OIA as a whole or its individual companies.

He called upon them to continue their efforts with an even stronger resolve in 2023, to achieve bigger goals and aspirations, and boost OIA’s contributions in developing the national economy.

The call was made by Al Murshidi in the new issue of its quarterly newsletter Enjaz & Eejaz. The new edition of the publication covers a variety of topics and highlights the key achievements of OIA and its companies.

The issue also includes an exclusive interview with Hamad Al Naamani, CEO of Oman LNG, which sheds light on the growing and successful business of the LNG industry in Oman. He expressed that the company will soon sign more binding term-sheet agreements with international companies, similar to the three contracts it recently inked with Japanese companies to deliver 2.35 million tonnes per year (mtpa) of Oman LNG annually starting in 2025.

The company’s success and flawless reputation as a trusted source and supplier of LNG over 22 years have been the bedrock for its success, noting that the company became one of the leading LNG companies in concluding very competitive deals in the global market by promptly seizing business opportunities diversions, swaps or spot cargos; thanks to its shareholders’ trust, as well as its values of credibility and transparency.

The issue also highlighted the Mazoon Mining project, one of the most promising mineral investment projects that will revive the copper industry in Oman. With an estimated cost of $300 million, the project targets the development of five mines with considerable copper reserves amounting to 22.9 million tonnes and a production capacity of approximately 1.5 million tonnes annually. Exploration work has so far revealed promising reserves of copper ore in the area surrounding these mines, particularly in Block No. (12A2), known for its good mineral potential.

The project, located in the Wilayat of Yanqul in Al Dhahirah Governorate, seeks to position Oman among the leading global copper-producing countries, help to establish copper manufacturing projects, while also helping to boost the economic landscape in the Wilayat, create job opportunities, and support SMEs development.

The Centre for Sustainability and Circular Economy, established by Oman Environmental Services Holding Company - be'ah is a first of its kind in Oman. The latest issue of the newsletter highlights the services offered by this centre including R&D, transfer and marketing of technology, training and consulting services.

With 100 per cent Omanisation since its establishment, the centre launched and worked on several key projects, notably the Eco-Innovate Oman Accelerator programme, be’ah’s Academy that offers specialised courses in collaboration with the American Centre for Sustainability and Excellence, the Environmental Excellence Programme to develop the skills of fresh graduates and a study project to investigate the impact of greenhouse gas emissions from the waste management sector in Oman.

Moreover, the quarterly newsletter gives many updates on the successes made by OIA’s Future Generation Portfolio through its IDO Investments company. Its Nebras Programme provided solutions to companies operating in the oil and gas sector, helping them to reduce carbon emissions. Additionally, Carzaty landed a merger deal with Kavak, a leading used-car platform in Latin America. Most notable also is 44.01’s win of Earthshot Award 2022 in the ‘Fix Our Climate’ category, a global environmental award launched by Prince William in 2020 to support entrepreneurs who provide innovative climate solutions.