MUSCAT: State-owned energy investment firm Oman Oil Co. (OOC) will announce a new structure later this year, Chief Executive Issam Al-Zadjali told reporters on Sunday.
"With the new structure, the company will be focusing more on Duqm, managing our international assets and selling some of our assets by privatising some of OOC's daughter companies," he said.
Al-Zadjali did not specify which companies might be privatised; OOC has interests in petrochemicals, power generation, shipping, and oil exploration and production. The company and its partners had invested a total of 9.4 billion rials ($24.4 billion) in companies within Oman as of 2013, according to its latest annual report; 65 percent of its current investments are within Oman.
One of OOC's major projects is construction of an oil refinery in the Omani coastal town of Duqm.
Zadjali said OOC would sign a number of agreements with the State General Reserve Fund (SGRF), Oman's largest sovereign wealth fund. The first would be on joint management of international investments.
"We are looking to co-manage SGRF's and OOC's international investments, whether they are in the energy sector or any other sector, through the current SGRF office in Tanzania," he said. The SGRF opened an office in Dar es Salaam in January.
"In the future, we will be looking into investing in Africa, but not immediately," Al-Zadjali said without elaborating.
Oman Oil Co. to restructure and privatize some units
Oman Oil Co. to restructure and privatize some units
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
