2018-05-14

OIA signs MoU with parties to develop renewable energy projects

Muscat 13th May 2018: The OIA , Shell Gas & Power Developments B.V. and EnerTech Holding Company signed an MOU today to explore opportunities and to seek collaboration in development of various renewable energy projects in Oman and potential select geographies outside Oman. The MoU was signed at the Ministry of Oil & Gas premises in the attendance of HE Dr Mohammed bin Hamad Al Rumhi, Minister of Oil & Gas. Mulham Al Jarf, Chief Investment Officer signed on behalf of OIA, while Mr. Maartin Wetselaar, Director & Executive Committee Member, signed on behalf of Shell, and EnerTech was represented by Mr. Abdullah Al Mutairi, CEO.

State General Reserve Fund is seeking to continue to diversify its portfolio, and aspires to contribute to the development of Omani capability in development of power projects in Oman. Through its New Energy’s division, Shell is growing its business portfolio and capabilities to deliver low carbon energy solutions including the pursuit of renewable energy projects. EnerTech, a wholly owned entity of the Kuwait Investment Authority, aims to promote renewable energy and energy efficiency technologies adoption throughout the region.

Together, the Parties shall identify structures in which the parties would jointly develop, invest in, construct, operate and maintain renewable projects and promote investment in cutting edge, cost competitive and commercially viable projects.