Utilities
From The Report: Oman 2023
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Oman Vision 2040, the national plan to diversify the sultanate’s economy and put it on a more sustainable footing, is the most important driver of change in the utilities sector. In March 2019 the Oman Power and Water Procurement Company forecast the share of renewables in the energy mix would reach 30% by 2030, compared to Vision 2040’s initial projection of 20%. Following the country’s announcement in October 2022 of its goal of reaching net-zero emissions by 2050, the sultanate plans to invest $190bn in climate and energy-transition projects by 2050, including energy efficiency measures and renewable power projects. Oman has been increasingly centralising control of its overall energy policy, including the public provision of power. The Ministry of Energy and Minerals; and the Ministry of Agriculture, Fisheries and Water Resources are responsible for policy decisions regarding power and water, respectively.

This chapter contains interviews with Abdullah Al Hashimi, CEO, Marafiq; and Omar Al Wahaibi, Group CEO, Nama Holding.

Articles from this Chapter

Overview

Renewable progress: Green energy is at the forefront of efforts to transition away from hydrocarbons and leverage natural resources
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Oman Vision 2040, the national plan to diversify the sultanate’s economy and put it on a more sustainable footing, is the most important driver of change in the country’s utilities sector. In March 2019 the Oman Power and Water Procurement Company (OPWP) forecast the share of renewables in the energy mix would reach 30% by 2030, compared to Vision 2040’s initial projection of 20%. Following the country’s announcement in October 2022 of its goal of reaching net-zero emissions by 2050, the…

Interview

Resource utilisation: Abdullah Al Hashimi, CEO, Marafiq, on developing domestic competencies to meet internal and external demand
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Interview: Abdullah Al Hashimi What are the main investment opportunities in the power and utilities sector, and what more can be done to increase foreign direct investment? ABDULLAH AL HASHIMI: The utilities sector has grown in recent years in terms of customer volume and business activity. This indicates that the economy is recovering and that companies are investing in expanding their businesses or adding assets to their portfolios. Mechanisms are in place to monitor supply and demand, and to…

Interview

Renewed optimism: Omar Al Wahaibi, Group CEO, Nama Holding, on the renewable energy segment and developing the workforce
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Interview: Omar Al Wahaibi Where do you see Oman’s investment priorities for developing its water infrastructure and services? OMAR AL WAHAIBI: Oman has overcome significant challenges in the recent past, demonstrating its resilience. The government is currently engaged in a widespread economic diversification plan under Oman Vision 2040 that is oriented around promoting investment and increasing the economic contributions of the country’s strategic non-oil sectors, as well as enhancing the role…

Analysis

Green rush: Investors are showing interest in the sultanate’s efforts to increase the share of renewables in the energy mix
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In October 2022 Oman became the third GCC country to commit to net-zero emissions by 2050, in support of the Paris Agreement. Following the UAE and Saudi Arabia – which in 2021 pledged to reach net-zero – Oman aims to build on a series of clean energy investments and power projects across the sultanate. Oman’s oil production surpassed 1m barrels per day during the first nine months of 2022, up 10.4% yearon-year. The sultanate also has two liquefied natural gas production facilities, with production…