Renewable Energy Oman Centre for Net Zero signs agreements worth $2bn By Saleh Al-Shaibany May 13, 2025, 1:42 PM Oman Ministry of Energy and Minerals/Media Centre OQ executives signed the agreements during the Oman Sustainable Week 2025 Exhibition in Muscat OQ leads net zero drive Targeting clean energy future Financing by local banks Oman’s energy major OQ has formed a new company called Oman Centre for Net Zero and signed 13 separate renewable-energy agreements worth $2 billion. The agreements were signed during the three-day events of Oman Sustainable Week 2025 Exhibition in Muscat by OQ Group’s CEO Ashra al Mamari and Najla al Jamali, CEO of OQ Alternative Energy. Oman has set a target to reach net zero gas emissions by 2050. The Gulf state also aims to produce 30 percent of its electricity using renewable energy sources by 2030. The latest projects will be financed by five local banks for the equipment and supply contracts to accelerate clean energy projects in Oman. “These agreements mark a strategic advancement in OQ’s renewable energy leadership and reflect our unwavering support for Oman’s 2050 net zero goals,” Mamari said. Chinese company to build solar plant in Oman freezone Profits at Oman-listed OQBI surged in 2024 Green hydrogen project in Oman expects $8bn investment Japan’s Mitsubishi Heavy Industries will carry out the feasibility studies for the new renewable energy projects. “These agreements will operationalise our strategy to promote renewable energy and accelerate the transition to a low-emission economy,” Al Jamali said. OQ, formerly known as Oman Oil Company, is owned by state-controlled Oman Investment Authority, the sultanate’s sovereign wealth fund. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
