SGRF issues statement on decision to liquidate Glass Point Solar

Business Sunday 17/May/2020 11:53 AM
By: Times News Service
SGRF issues statement on decision to liquidate Glass Point Solar

Muscat: Oman's State General Reserve Fund (SGRF) has clarified that the decision to liquidate Glass Point Solar, in which it has 31 per cent share, came after a sharp decline in oil and gas prices as a result of the global economic slowdown due to COVID-19 pandemic.
The statement said that the partners at Glass Point decided not to pump additional funds to continue the company's operations in light of the decline in oil and gas prices, which may continue at a low level for periods that are difficult to predict.
Glass Point Solar has a regional office in the Sultanate in which a group of employees work, and coordination has been made with the remaining Omani employees to find alternative job opportunities for them. Also work is underway for the necessary procedures in preparation for their employment in other institutions affiliated with the fund and other companies, the statement said.
The intellectual property (IP) of the technology used is one of the most important assets of the company and is the generation of steam using solar energy, where some investors expressed their desire to buy the intellectual property of this technology, which will be dealt with by the implementing agency to monetise the company's assets following the established regulations.
The statement further noted that the Sultanate was able, through its partnership, to localise the technology owned by the company and successfully achieved the use of this technology in developing the huge Miraah project in partnership with the Petroleum Development Oman.