Pact signed to jointly develop hydrogen transport network
MUSCAT: OQ Gas Networks SAOG (OQGN), the exclusive operator of Oman's natural gas transmission system, has signed a Term Sheet Cooperation Agreement with Belgium-based Fluxys to jointly develop a hydrogen transportation network in the Sultanate of Oman. Under the agreement, Fluxys will join as a minority shareholder, co-owning and operating the planned infrastructure alongside OQGN.
The agreement builds on an earlier Memorandum of Understanding (MoU) signed in September 2023 and strengthens their partnership following Fluxys' acquisition of a 4.9% stake in OQGN during its Initial Public Offering (IPO). Both companies share a vision for leading the energy transition and see this collaboration as a key step toward realizing Oman's Vision 2040 and its national hydrogen production targets.
With complementary infrastructure and expertise, OQGN and Fluxys aim to fast-track the rollout of hydrogen transport systems to support Oman's clean energy ambitions. The partnership also reflects a broader goal to exchange knowledge and best practices to accelerate low-carbon developments.
The agreement was signed by Eng Mansoor bin Ali al Abdali, CEO of OQGN, and Pascal De Buck, Managing Director and CEO of Fluxys, during a ceremony at the Mandarin Oriental Hotel in Muscat, held under the auspices of Salim bin Nasser Al Aufi, Minister of Energy and Minerals.
'We are excited to work with Fluxys in developing hydrogen transportation infrastructure to support Oman's green hydrogen and decarbonisation goals,' said Eng Al Abdali. 'This collaboration reflects our commitment to delivering cost-effective, sustainable energy solutions for the future.'
De Buck added, 'Partnering with OQGN marks a major step in our strategy to build international low-carbon value chains. We look forward to contributing to Oman's energy transition while bringing renewable hydrogen to Belgium and Europe.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
3 hours ago
- Observer
Rusayl Industrial City attracts RO 49 million investment in 2024
MUSCAT: Rusayl Industrial City, part of the Public Establishment for Industrial Estates (Madayn), signed 17 new contracts in 2024 for projects covering over 235,000 square metres, with total investments exceeding RO 49 million. The projects span industrial, logistics, and service sectors. Engineer Fahad bin Nasser al Abroui, Acting CEO of Rusayl Industrial City, stated that total accumulated investments in the city had surpassed RO 767 million by end-2024. The industrial city, spanning roughly 11 million square metres, hosts diverse sectors including chemicals, electrical goods, construction materials, fibre optic cables, food, textiles, stationery, dyes, filtration systems, and furniture. Al Abroui noted ongoing key projects, including the infrastructure works for the Madayn Pioneering Complex, developed in partnership with the Authority for SME Development, across more than 60,000 square metres. This initiative aims to create a fully serviced SME zone, with subdivided workshops of 500 square metres each. Additionally, a consultancy project is underway to address stormwater drainage challenges, including new roadworks to improve access to leased plots and other urban enhancements. Further initiatives include the redesign of the commercial area to house more retail units catering to investors and visitors. Among the upcoming projects is the establishment of an integrated facility to support food security, in coordination with the Ministry of Agriculture, Fisheries and Water Resources. Another planned project will focus on reusing treated wastewater for cooling and industrial purposes. Al Abroui also confirmed that beautification work on the city's main entrance will be completed by year-end. Since its inception in 1983, Rusayl Industrial City has served as a key enabler of Oman's economic diversification strategy. Its 'Masar' one-stop service centre simplifies investor procedures by streamlining approvals, permits, and licences — creating an integrated, investor-friendly environment aligned with Oman Vision 2040. — ONA
Observer
3 hours ago
- Observer
World economy faces 'pivotal moment', central bank body BIS says
LONDON: Trade tensions and fractious geopolitics risk exposing deep fault lines in the global financial system, central bank umbrella body the Bank for International Settlements, said in its latest assessment of the state of the world economy. Outgoing head of the BIS, often dubbed the central bankers' central bank, Agustín Carstens, said the US-driven trade war and other policy shifts were fraying the long-established economic order. He said the global economy was at a "pivotal moment", entering a "new era of heightened uncertainty and unpredictability", which was testing public trust in institutions, including central banks. The bank's report is published just over a week before US President Donald Trump's trade tariff deadline of July 9 and comes after six months of intense geopolitical upheaval. When asked about Trump's criticisms of US Federal Reserve Jerome Powell, which have included Trump labelling the Fed chair as "stupid", he was not overly critical. "It is to be expected at certain points in time that there will be friction," former Mexican central bank governor Carstens told reporters, referring to the relationship between governments and central banks. "It is almost by design". DOLLAR DROP The BIS' annual report, published on Sunday, is viewed as an important gauge of central bankers' thinking given the Switzerland-based forum's regular meetings of top policymakers. Rising protectionism and trade fragmentation were "particular concerning" as they were exacerbating the already decades-long decline in economic and productivity growth, Carstens said. There is also evidence that the world economy is becoming less resilient to shocks, with population ageing, climate change, geopolitics and supply chain issues all contributing to a more volatile environment. The post-Covid spike in inflation seems to have had a lasting impact on the public's perception about price moves too, a study in the report showed. High and rising public debt levels are increasing the financial system's vulnerability to interest rates and reducing governments' ability to spend their way out of crises. "This trend cannot continue," Carstens said referring to the rising debt levels and he said that higher military spending could push the debt up further. Hyun Song Shin, the BIS's main economic adviser, also flagged the sharp fall in the dollar. It is down 10% since the start of the year and on track to be its biggest H1 drop since the free-floating exchange rate era began in the early 1970s. He said there was no evidence that this was the start of a "great rotation" away from US assets as some economists have suggested, but acknowledged that it was still too early to know given sovereign funds and central banks move slowly. Shorter-term analysis, though, showed "hedging" by non-U.S. investors holding Treasuries and other US assets appears to have made an "important contribution" to the dollar's slide over the last few months. "We haven't seen anything (yet) that would give us any cause for alarm," Shin added. — Reuters
Observer
a day ago
- Observer
Former Ferrari boss Montezemolo becomes a McLaren Group director
LONDON: Former Ferrari boss Luca di Montezemolo has joined the board of historic rival McLaren, a move that would have been unimaginable not so long ago. A filing with Companies House by Abu Dhabi-owned McLaren Group Holdings, which controls Woking-based sportscar maker McLaren Automotive, registered Montezemolo as a director on June 27. The 77-year-old Italian joined Ferrari in 1973 as founder Enzo Ferrari's assistant and became team manager in 1974, a year before the late Austrian triple champion Niki Lauda secured his first title. He also presided over the Formula One team during a golden era when Michael Schumacher won five of his career seven titles between 2000-2004 and served as chairman of both Ferrari and parent FIAT. McLaren and Ferrari, the two oldest and most successful teams in Formula One history, have been rivals for decades and were involved in a notorious 'Spygate' scandal that erupted in 2007. British-based McLaren were stripped of all their championship points and fined a record $100 million over a dossier of stolen Ferrari technical documents found in the possession of McLaren's chief designer. Both Ferrari and McLaren are under different management now, with Montezemolo resigning his roles at the Italian luxury sportscar maker in 2014 and focusing on other business interests. CYVN, majority-owned by the government of Abu Dhabi, created McLaren Group Holdings in April after completing its acquisition of McLaren Automotive. The group includes a non-controlling stake in McLaren Racing, the Formula One team whose majority shareholder is Bahrain's Mumtalakat and which operates completely independently. Paul Walsh, executive chairman of McLaren Racing, is also one of the nine directors of McLaren Group Holdings, while McLaren team principal Andrea Stella previously worked for Ferrari. McLaren are the reigning Formula One constructors' world champions while Ferrari last won a title in 2008. Seven times world champion Lewis Hamilton, who took his first title for McLaren in 2008, is now driving for Ferrari. News of Montezemolo's new role was greeted with some amazement in Italy. "Montezemolo-McLaren: What a slap in the face to Ferrari," said sports newspaper Tuttosport in a headline. ANSA news agency quoted Montezemolo as saying his heart "is and always will be red" and his new role was on the automotive side and did not involve Formula One. — Reuters
