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OIA affiliates report success in LNG, mining, circular economy

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Hamad Mohammed al Naamany, CEO of Oman LNG, has said that Oman LNG 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 annum (mtpa) of Omani liquefied natural gas annually.

This was stated in an exclusive interview for the new issue of the quarterly newsletter Enjaz and Eejaz, which is issued by Oman Investment Authority (OIA).

Al Naamany added that the company’s success and reputation as a trusted source and supplier of LNG over the years has been the bedrock for its success. He noted 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 cargo; thanks to its shareholders’ trust, as well as its values of credibility and transparency.

The new issue of Enjaz and Eejaz also highlighted the ‘Mazoon Mining’ project, which is considered 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 tons, 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 issue also touched on the Centre for Sustainability and Circular Economy, established by Oman Environmental Services Holding Company - be'ah which is a first of its kind in Oman. The latest issue of the newsletter highlights the services offered by this center including R&D, transfer and marketing of technology, training and consulting services. The centre launched and worked on a number of key projects, notably the Eco-Innovate Oman Accelerator program, be’ah’s Academy that offers specialized 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.

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