Latest news with #SalimAlAufi
Zawya
23-06-2025
- Business
- Zawya
Oman: Mining concession awarded for sea salt production project
MUSCAT - The Ministry of Energy and Minerals signed on Sunday, June 22, 2025, a mining concession agreement with Integrated Global Engineering Company to develop natural salt production in Concession Area I-51, located in Al Wusta Governorate. The concession covers a total area of 15 square kilometres. The agreement was signed on behalf of the Government of the Sultanate of Oman by Eng Salim bin Nasser Al Aufi, Minister of Energy and Minerals, while Shaikh Ali bin Salim al Junaibi, Chairman of Integrated Global Engineering Company, signed on behalf of the company. The agreement aims to expand the production capacity of the existing salt plant and establish additional facilities to increase the annual output of natural salt to 1.2 million tonnes. The salt will be extracted through the construction of seawater storage ponds, followed by natural evaporation using wind and solar heat. The salt will then be dried, refined, and packaged. The estimated investment value of the project is RO 200 million. Al Aufi emphasised that the project represents a strategic step forward in advancing economic diversification in the Sultanate. He noted that the project is expected to create significant employment opportunities for Omani citizens. The primary objective is to boost the production of natural salt and develop its industrial derivatives for use in various projects aligned with sustainable development goals. The minister also highlighted that this is the third sea salt production project signed in Oman, as part of the Ministry's broader strategy to promote local industries, maximise the utilisation of natural resources, and reduce dependence on imported products. Shaikh Ali bin Salim al Junaibi, Chairman of Integrated Global Engineering Company, stated that obtaining Concession Area I-51 in Al Wusta will help realise the company's vision of increasing production capacity to one million tonnes annually. He added that the project is expected to meet domestic market demand as well as the needs of downstream industries currently under development, in line with the economic goals of Oman Vision 2040. The company also plans to produce multiple derivatives of salt required by both local and global markets, particularly for food processing, animal feed, and pharmaceutical industries. Shaikh Al Junaibi further affirmed that the agreement reinforces the government's strategy to localise industries, make full use of natural resources, and reduce reliance on imports—contributing to the enhancement of the national economy and generating a range of job opportunities for Omani talent, including part-time work for small and medium-sized enterprises (SMEs). 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
16-06-2025
- Business
- Zawya
Oman: Enhancing opportunities for SMEs in energy sector
The Authority for Small and Medium Enterprises Development (ASMED) recently held its 14th dialogue session on enhancing opportunities for small and medium enterprises (SMEs) in the energy and minerals sector. The session aimed at focusing on improving the business environment and making it more attractive to enterprises in this sector. As part of ASMED's efforts to partner and integrate with relevant entities to improve the business environment for SMEs, the dialogue session focused on opportunities in the energy and minerals sector. The session was attended by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, and Halima bint Rashid al Zariyah, Chairperson of the Authority for Small and Medium Enterprises Development (ASMED), along with officials from relevant authorities and owners of small and medium enterprises in the energy and minerals sector. Adnan al Harrasi, an entrepreneur in the chemicals sector, said, "I had some ideas to share that needed to be discussed. The dialogue session provided a platform for entrepreneurs to raise issues and obstacles hindering their projects and find appropriate solutions from relevant authorities in each vital sector." The session covered various topics including policies, legislation, licences and enablers that support SMEs in developing innovative solutions and partnerships in the energy and minerals sector. It also aimed to enhance the role of SMEs in the sector by presenting innovative ideas, improving operational efficiency, encouraging government and private partnerships, and raising awareness of the sector's importance in supporting the national economy. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
28-05-2025
- Business
- Zawya
Oman launches national company to regulate mineral exports and boost revenues
MUSCAT: In a significant move to optimise the economic potential of its mineral wealth, the Ministry of Energy and Minerals has announced the establishment of Oman Minerals Trading Company as the central authority to oversee the marketing and export of mineral resources from the Sultanate of Oman. The initiative is formalised through Ministerial Resolution No 18/2025, issued by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals. The resolution marks a key step in reforming the mineral management system and aligns with Oman Vision 2040's goal of sustainable, diversified economic growth. It aims to address existing structural challenges in the mineral sector — such as fragmented marketing, price instability and the dominance of intermediaries — by centralising export control under a national entity. KEY PROVISIONS FOR TRANSPARENCY AND MARKET STABILITY Under the new regulation, gypsum and chrome ore exports will be strictly monitored. Export of raw chrome ore will require a minimum concentration of 36%, while processed ore can be exported at any concentration upon Ministry approval. Local market needs will be prioritised before exports are approved, a policy that supports domestic manufacturing and ensures stability in local supply chains. The regulation also seeks to standardise contracts, enhance negotiation leverage with international buyers and improve pricing transparency for Omani ores — factors that have historically impacted competitiveness despite strong production levels. In 2024 alone, Oman produced about 14 million tons of gypsum across 15 licensed sites and 300,000 tonnes of chrome ore from 29 licensees. However, revenue gains have been diluted by inconsistent marketing and a lack of pricing discipline. STRATEGIC ROLE OF OMAN MINERALS TRADING COMPANY As a subsidiary of Minerals Development Oman, the new trading firm will manage exports, unify contract terms, enforce quality specifications and negotiate international sales. This professionalised approach is expected to lift the average price of Omani minerals and boost national income. Dr Salah bin Hafiz al Dhahab, Director General of Investments at the Ministry, described the move as a 'pivotal milestone,' adding that it enables the government to streamline the export process, reduce price manipulation and better monitor sectoral returns. The decision is also designed to: a. Improve the efficiency of logistics and export operations. b. Increase transparency and curb rent-seeking behaviour. c. Support SMEs involved in supply chains. d. Create more jobs and promote local content through in-country value (ICV) initiatives. The resolution falls under the Ministry's broader 'Majd' initiative, which aims to evaluate and enhance local content across the energy and minerals sectors. Companies will be required to submit ICV plans and support domestic manufacturing activities that add value to raw mineral exports. ONE-YEAR TRANSITION PERIOD To ensure a smooth shift, a one-year transitional period has been granted. During this time, companies can conclude existing contracts and adapt to the new system. The Ministry also plans to conduct orientation and training workshops to support stakeholders and build internal capacity. Dr Al Dhahab emphasised that the transformation reflects the Ministry's broader institutional reform following the merger of energy and minerals portfolios. 'With clearer policies, enhanced geological databases and improved investor privileges, we are creating a transparent and regulated business environment that meets the goals of Oman Vision 2040,' he noted. By streamlining mineral exports and empowering a centralised entity, Oman aims to attract more reliable investments, strengthen national industries and secure better returns from its abundant mineral resources. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
19-05-2025
- Business
- Zawya
Oman: 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.' 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Times of Oman
18-05-2025
- Business
- Times of Oman
Oman secures OMR11.5 billion investment through Block 53 concession extension
Muscat: The Ministry of Energy and Minerals has signed an agreement to extend the Block 53 Exploration and Production Sharing Agreement (EPSA) for Occidental Mukhaizna and its partners, securing operations until 2050. Under the amended agreement, the concession has been extended to 2050, facilitating an estimated investment of OMR11.5 billion (approximately $30 billion) over the extended term. These investments will cover capital and operational expenditures designed to enhance production efficiency and deploy advanced extraction technologies, optimising resource recovery within the block. The anticipated investments are expected to strengthen supply chain sustainability and operational support contracts, fostering economic growth and generating employment opportunities across Oman's oil, gas, and related industries. The Mukhaizna field in Al Wusta Governorate has been a key contributor to Oman's oil production, consistently ranking as Oman's highest-producing crude oil field. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, emphasised that the extension of this agreement is a strategic milestone in ensuring the field's continued role in supporting the national economy. He highlighted that the planned investments will drive production growth and enhance value creation within Oman's energy sector. The Ministry remains committed to collaborating with its partners to maximise the potential of Block 53, a cornerstone of its strategy for sustainable and responsible hydrocarbon production, the minister added.
