OETC launches green financing framework to support Oman's green economy transformation
This strategic initiative aims to support the company's goals in Oman's transition towards a low carbon economy, in line with the national objectives of Oman Vision 2040 and the target of achieving net-zero carbon emissions by 2050. The OETC's Green Financing Framework was structured in collaboration with the 'Citi Bank'.
This Framework allows the company to increase its funding potentials through green bonds, sukuks, and green loans, which will be dedicated to green investments in areas such as electricity transmission, renewable energy, energy efficiency, green buildings, sustainable water and wastewater management, and pollution prevention and control. These efforts aim to enhance the reduction of carbon emissions, improve energy security, and ensure grid reliability, among other benefits. OETC is well-positioned for success in this area, with one of its main strengths being its focus on transmitting clean and renewable energy through its nationwide electricity transmission network.
The company has also received a Second Party Opinion ('SPO') from Det Norske Veritas ('DNV'), which confirmed that the Framework aligns with the latest guidelines of the Green Bond Principles issued by the International Capital Market Association (ICMA), as well as the Green Loan Principles set by the Loan Market Association ('LMA'), Loan Syndications and Trading Association ('LSTA'), and Asia Pacific Loan Market Association ('APLMA').
Reaffirming OETC's commitment to the low carbon transition, Eng. Saleh bin Nasser Al Rumhi, the CEO of OETC, highlighted the company's efforts, plans, and initiatives, along with the various projects it is implementing to strengthen the green and renewable energy sector. He also emphasized the meticulous steps the company is taking to grow in this area, adhering to internationally approved frameworks, regulations, and standards.
Al Rumhi added, "Launching OETC's Green Financing Framework is a significant and bold step, and part of the strategies for enabling a more sustainable future for Oman and its economy. This initiative not only enhances our position as a responsible and leading company and as enablers of this green transformation but also supports Oman's broader objectives and contributes to achieving Oman Vision 2040."
It is worth mentioning that OETC, a member of Nama Group, is the only company responsible for the transmission and control of electricity across the Sultanate's network. The electricity is transmitted from production stations to distributed load centers in the governorates. The transmission network operates at a voltage of 132kV and above to cover most of the governorates in the Sultanate, whether in the north or the south. Furthermore, OETC manages the interconnection lines between Oman and the GCC interconnection network, which operates at a voltage of 220kV.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
8 hours ago
- Observer
Asyad Shipping invests $64m in decarbonisation initiatives
MUSCAT, August 1 Asyad Shipping Company SAOG, Oman's majority state-owned maritime transportation company, says it has invested in excess of $64 million in a range of initiatives aimed at reducing the global carbon footprint associated with the operation of its 89-vessel strong, ocean-going fleet. An overview of these initiatives is detailed in the newly published 2024 Sustainability Report of the publicly traded company, which is part of Asyad Group — global integrated logistics enterprise of the Sultanate of Oman. 'Through our strategic initiatives in 2024, we have successfully reduced over 4,000 tonnes of emissions. Over $64 million has been invested in decarbonisation efforts since 2019, ensuring our full fleet complies with advanced environmental protection systems', said Asyad Group in a recent post. 'These milestones, highlighted in our 2024 Sustainability Report, reflect our unwavering commitment to investments and technologies that drives us towards Oman Vision 2040 and enhancing Oman's position as a global logistics hub'. According to Dr Ibrahim al Nadhairi, Chief Executive Officer, the company achieved significant emissions reductions across its fleet, while laying the ground for advancing its decarbonisation goals. This was accomplished through investments in advanced, energy-efficient technologies and the implementation of targeted operational measures, he said. 'These efforts highlight our commitment to meeting global climate goals, including the International Maritime Organization (IMO) strategy. Our continued investments in cutting-edge technology demonstrate a dual focus: upholding environmental responsibility and boosting operational efficiency. These advancements have further optimised our fleet's performance, leading to substantial emission reductions and reinforcing our position as a leader in sustainable maritime operations', Dr Al Nadhairi stated in the Sustainability Report. As part of its broader decarbonisation strategy, Asyad Shipping has introduced several impactful initiatives to curb emissions. Among the most notable is the installation of Rotor Sails on one of its vessels last year. These advanced systems leverage tall, rotating cylinders to harness the Magnus Effect, generating additional thrust and reducing the vessel's reliance on engine power. Depending on wind conditions, this technology can cut fuel consumption and emissions by 5 per cent to 30 per cent, offering efficiency improvements either through targeted retrofits or full-fleet adoption. In parallel, Asyad Shipping is collaborating with engine manufacturers Wartsila and MAN to upgrade the main engines on 22 vessels, with the programme slated for completion in 2025. These upgrades are aimed at optimising fuel usage, enhancing engine performance and significantly lowering the fleet's carbon footprint. The company is also advancing its use of Hans Jensen cylinder lubricators, a solution designed for large two-stroke marine engines. These lubricators reduce cylinder oil consumption and improve engine health, contributing further to operational efficiency. In the field of carbon mitigation, Asyad Shipping has partnered with the German University of Technology (GUtech) to explore Carbon Capture, Utilisation and Storage (CCUS) solutions. Together, they are assessing a range of techniques — including pre-combustion, oxy-fuel, post-combustion and direct air capture — as part of a broader effort to develop cutting-edge emission control technologies. Looking ahead, the company plans to roll out a vessel performance monitoring system that will support compliance with climate-related regulations such as CII and EU ETS, while improving fuel efficiency and reducing emissions in real-time. Additionally, Asyad Shipping is preparing to equip its new LNG dual-fuel vessels with shaft generators. These systems draw power directly from the main engine shaft, eliminating the need for separate generator fuel burn. This measure is expected to deliver fuel oil savings of 2–4 per cent, or approximately 2–4 tonnes per day.
Observer
a day ago
- Observer
Omani-Chinese Friendship Forum discusses strengthening partnership
SALALAH: The third session of the Omani-Chinese Friendship Forum 2025, which began on Thursday in Salalah, discussed strengthening the comprehensive strategic partnership and expanding cooperation and investment between the Sultanate of Oman and the People's Republic of China. The forum was organised under the theme: "Chinese Modernisation and Oman Vision 2040: Our Work and Proposals." It was an initiative by Al Roya newspaper, the Embassy of the People's Republic of China in Oman, and the Oman-China Friendship Association, with the participation of a number of officials, experts and specialists from both sides. The forum was inaugurated by HH Sayyid Marwan bin Turki al Said, Governor of Dhofar, who felicitated a number of speakers and participants. Hatim bin Hamad al Tai, Secretary-General of the forum and Editor-in-Chief of Al Roya newspaper, affirmed that the forum serves as a platform to deepen dialogue, enhance mutual trust between the two countries and explore new avenues for cooperation, in line with the shared potential and aspirations of Oman and China. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, delivered a speech in which he said that the forum is a unique opportunity to exchange expertise and explore promising investment areas that serve the development priorities of both countries. He pointed out that Oman Vision 2040 represents a road map for a comprehensive economic and structural transformation. Lyu Jian, Ambassador of the People's Republic of China to the Sultanate of Oman, praised the strength of the historical relations between the two countries, which span over 1,200 years. He noted that diplomatic relations, since their establishment in 1978, have witnessed stable and fruitful cooperation based on equality and mutual respect. He clarified that the People's Republic of China is Oman's first trade partner with trade volume between the two countries reaching $36.7 billion in 2024. The People's Republic of China is also the third-largest investor in Oman. The ambassador highlighted prominent joint projects, including the launch of the first Omani satellite, investments in the energy sector and training programmes that have benefited over 1,200 Omanis. He also mentioned that the trade volume between the People's Republic of China and GCC countries reached $288 billion in 2024, with Chinese investments growing by over 30 per cent in the first half of 2025. He called for expanding cultural and humanitarian cooperation and launching direct flights between the two countries. Dr Khalid bin Salim al Saidi, Chairman of the Oman-China Friendship Association, said that the association is a vital link in strengthening relations between the two countries. He emphasised that its role has gone beyond organising meetings to building cultural bridges, humanitarian understandings, and informal cooperation initiatives based on shared values and mutual interests. The forum included discussions on four main themes: "Chinese Modernisation and Oman Vision 2040," "Cooperation in the Energy Sector," "Partnership in Innovation and Technology," and "Cultural and Humanitarian Exchange." The forum also featured a photo exhibition in cooperation with the Chinese Embassy in Oman, in addition to direct bilateral meetings (B2B) between business representatives from both countries to enhance partnership and investment opportunities. Over 30 business owners and representatives of Omani and Chinese companies participated in the forum, which also included a special exhibition for the participating Chinese companies. The current session of the forum sought to solidify the strategic partnership between the two countries and explore new avenues of cooperation that support the priorities of Oman Vision 2040, leveraging the People's Republic of China's experience in economic and social modernisation. - ONA
Times of Oman
2 days ago
- Times of Oman
Omani-Chinese Friendship Forum discusses strengthening strategic partnership
Salalah: The third session of the Omani-Chinese Friendship Forum 2025, which began on Thursday in Salalah, discussed strengthening the comprehensive strategic partnership and expanding cooperation and investment between the Sultanate of Oman and the People's Republic of China. The forum was organised under the theme: "Chinese Modernisation and Oman Vision 2040: Our Work and Proposals." It was an initiative by Al Roya newspaper, the Embassy of the People's Republic of China in Oman, and the Oman-China Friendship Association, with the participation of a number of officials, experts, and specialists from both sides. The forum was inaugurated by HH Sayyid Marwan bin Turki Al Said, Governor of Dhofar, who felicitated a number of speakers and participants. In his speech, Hatim Hamad Al Tai, Secretary-General of the forum and Editor-in-Chief of Al Roya newspaper, affirmed that the forum serves as a platform to deepen dialogue, enhance mutual trust between the two countries, and explore new avenues for cooperation, in line with the shared potential and aspirations of Oman and China. On his turn Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, delivered a speech in which he said that the forum is a unique opportunity to exchange expertise and explore promising investment areas that serve the development priorities of both countries. He pointed out that Oman Vision 2040 represents a roadmap for a comprehensive economic and structural transformation. For his part, Lyu Jian, Ambassador of the People's Republic of China to the Sultanate of Oman, praised the strength of the historical relations between the two countries, which span over 1,200 years. He noted that diplomatic relations, since their establishment in 1978, have witnessed stable and fruitful cooperation based on equality and mutual respect. He clarified that the People's Republic of China is Oman's first trade partner with trade volume between the two countries reaching USD 36.7 billion in 2024. The People's Republic of China is also the third-largest investor in Oman. The Ambassador highlighted prominent joint projects, including the launch of the first Omani satellite, investments in the energy sector, and training programmes that have benefited over 1,200 Omanis. He also mentioned that the trade volume between the People's Republic of China and GCC countries reached USD 288 billion in 2024, with Chinese investments growing by over 30 percent in the first half of 2025. He called for expanding cultural and humanitarian cooperation and launching direct flights between the two countries. Dr. Khalid Salim Al Saidi, Chairman of the Oman-China Friendship Association, said that the association is a vital link in strengthening relations between the two countries. He emphasised that its role has gone beyond organising meetings to building cultural bridges, humanitarian understandings, and informal cooperation initiatives based on shared values and mutual interests. Moreover, Naif Hamed Fadhil, Head of the Dhofar branch of the Oman Chamber of Commerce and Industry, stressed the importance of the forum in fostering closer ties between business owners in both countries. He highlighted the need to enable bilateral investments in the fields of energy, technology, industry, logistics, and tourism, and called for forging more sustainable and impactful cooperation models. The forum included discussions on four main themes: "Chinese Modernization and Oman Vision 2040," "Cooperation in the Energy Sector," "Partnership in Innovation and Technology," and "Cultural and Humanitarian Exchange." The forum also featured a photo exhibition in cooperation with the Chinese Embassy in Oman, in addition to direct bilateral meetings (B2B) between business representatives from both countries to enhance partnership and investment opportunities. Over 30 business owners and representatives of Omani and Chinese companies participated in the forum, which also included a special exhibition for the participating Chinese companies. The current session of the forum sought to solidify the strategic partnership between the two countries and explore new avenues of cooperation that support the priorities of Oman Vision 2040, leveraging the People's Republic of China's experience in economic and social modernisation.
