Oman and Belgium strengthen green hydrogen ties with new MoU

The MoU was signed by Salim bin Nasir bin Said Al-Aufi, Oman’s minister of Energy and Minerals and chairman of Hydrom Oman, and Tom Hautekiet, chairman of the Belgian Hydrogen Council. Photo/Supplied
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Updated 05 December 2024
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Oman and Belgium strengthen green hydrogen ties with new MoU

RIYADH: Oman and Belgium have expanded their green hydrogen collaboration with the signing of a memorandum of understanding aimed at advancing the global clean energy economy.

The agreement, inked between Hydrom Oman and the Belgian Hydrogen Council, was a key milestone during Oman’s Sultan Haitham bin Tariq Al-Said’s official visit to Belgium, the Oman News Agency reported.

This agreement aligns with Oman’s goal to produce 1 million tonnes of green hydrogen annually by 2030, according to the International Energy Agency’s Renewables 2024 report. The country is one of the few in the Middle East advancing beyond its national targets for low-carbon hydrogen production.

Oman has set its sights on attracting $40 billion in green hydrogen investments by 2030, with that figure expected to rise to $140 billion by 2050. The MoU further supports these aspirations, creating a platform for exchange and collaboration between industrial entities, universities, research institutes, and policymakers in both countries.

The cooperation will focus on analyzing the value chains for importing green hydrogen, developing shipping infrastructure in Oman, and overcoming legislative challenges. Additionally, the deal will promote joint research initiatives and support technical training programs and awareness campaigns to foster green hydrogen adoption.

The MoU was signed by Salim bin Nasir bin Said Al-Aufi, Oman’s minister of Energy and Minerals and chairman of Hydrom Oman, and Tom Hautekiet, chairman of the Belgian Hydrogen Council. 

The signing was witnessed by high-level officials, including Belgian Prime Minister Alexander De Croo, who met with Sultan Haitham bin Tariq earlier this week. During the two-day state visit, both parties discussed enhancing bilateral cooperation in key areas such as energy, security, and infrastructure.

The agreement also follows Oman’s commitment to leveraging its low-cost land for hydrogen production projects aimed at both local industrial needs and export, particularly for ammonia. 

The IEA’s report highlights how hydrogen use in industry and hydrogen-based fuels are significantly contributing to the growth of renewable energy capacity in both Oman and the broader Middle East region.

Through this MoU, Oman and Belgium are further solidifying their positions as global leaders in green hydrogen, setting the stage for a robust partnership in clean energy innovation.


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.