Oman and Spain Strengthen Economic Ties through Green Energy and Trade Cooperation
Expansion of economic partnerships focuses on green energy, water management, LNG, and trade.
Oman and Spain are enhancing their economic relationship by signing four memorandums of understanding (MoUs) in Madrid.
These agreements aim to boost cooperation in green energy, water management, liquefied natural gas (LNG), and trade, marking a new phase in the strategic partnership between the two nations.
The MoUs were signed during Sultan Haitham bin Tarik's state visit to Spain, as reported by the Oman News Agency.
These agreements are set to expand investment, sustainability, and technological cooperation between the countries, with bilateral trade exceeding 94 million rials ($244 million) in 2024.
Oman seeks to bolster its global partnerships under Vision 2040, a diversification plan focusing on renewable energy and industrial cooperation.
The first MoU establishes collaboration between the Oman Chamber of Commerce and Industry and the Spanish Chamber of Commerce, Industry, Services, and Navigation.
This aims to expand private sector engagement, encourage trade delegations, organize joint events, share economic information, and facilitate bilateral investments.
Another agreement was signed by Nama Water Services with Aguas de Valencia to enhance water and wastewater management collaboration.
This includes a pilot project for leak detection in Nama's network and a study on non-revenue water.
There are ongoing discussions about a potential 10-year partnership for broader projects.
The third MoU is between Oman LNG and Naturgy, focusing on exploring a long-term LNG sale and purchase agreement with the possibility of supplying up to 1 million tonnes annually for ten years starting in 2030.
The two sides will also consider joint investment in building an LNG carrier with Asyad and cooperation in accessing European regasification terminals and gas pipeline networks.
The fourth memorandum was signed by the Ministry of Transport, Communications, and Information Technology along with an international consortium consisting of HIF EMEA, ACCIONA, Nordex Green Hydrogen, and Al-MEERA Investment.
This agreement aims to develop a project in Dhofar Governorate for producing and supplying ships with low-carbon green methanol.
The initiative supports Oman's carbon neutrality goals and positions Dhofar as a regional center for green fuel and ship bunkering.
The Omani Ministry of Transport will coordinate with relevant government entities, providing regulatory support including land allocation and potential incentives for the project.
The agreement encompasses feasibility and technical studies on producing and exporting green methanol using renewable energy sources like solar and wind power, along with the conversion of captured carbon dioxide into methanol.
These agreements aim to boost cooperation in green energy, water management, liquefied natural gas (LNG), and trade, marking a new phase in the strategic partnership between the two nations.
The MoUs were signed during Sultan Haitham bin Tarik's state visit to Spain, as reported by the Oman News Agency.
These agreements are set to expand investment, sustainability, and technological cooperation between the countries, with bilateral trade exceeding 94 million rials ($244 million) in 2024.
Oman seeks to bolster its global partnerships under Vision 2040, a diversification plan focusing on renewable energy and industrial cooperation.
The first MoU establishes collaboration between the Oman Chamber of Commerce and Industry and the Spanish Chamber of Commerce, Industry, Services, and Navigation.
This aims to expand private sector engagement, encourage trade delegations, organize joint events, share economic information, and facilitate bilateral investments.
Another agreement was signed by Nama Water Services with Aguas de Valencia to enhance water and wastewater management collaboration.
This includes a pilot project for leak detection in Nama's network and a study on non-revenue water.
There are ongoing discussions about a potential 10-year partnership for broader projects.
The third MoU is between Oman LNG and Naturgy, focusing on exploring a long-term LNG sale and purchase agreement with the possibility of supplying up to 1 million tonnes annually for ten years starting in 2030.
The two sides will also consider joint investment in building an LNG carrier with Asyad and cooperation in accessing European regasification terminals and gas pipeline networks.
The fourth memorandum was signed by the Ministry of Transport, Communications, and Information Technology along with an international consortium consisting of HIF EMEA, ACCIONA, Nordex Green Hydrogen, and Al-MEERA Investment.
This agreement aims to develop a project in Dhofar Governorate for producing and supplying ships with low-carbon green methanol.
The initiative supports Oman's carbon neutrality goals and positions Dhofar as a regional center for green fuel and ship bunkering.
The Omani Ministry of Transport will coordinate with relevant government entities, providing regulatory support including land allocation and potential incentives for the project.
The agreement encompasses feasibility and technical studies on producing and exporting green methanol using renewable energy sources like solar and wind power, along with the conversion of captured carbon dioxide into methanol.
