Oman’s Sohar International has signed a Memorandum of Understanding (MoU) with Fortescue Future Industries (FFI), a global leader in developing green energy and renewable energy projects across the world.
The MoU, while non-binding, reflects the shared focus by both parties to explore business opportunities locally, with Sohar International facilitating FFI’s entrance into the Omani market by mutually identifying potential projects that meet FFI’s investment criteria.
In addition, Sohar International will arrange the required financing including equity, debt or syndication for such projects.
The MoU was signed recently at the Green Hydrogen Summit. The MoU was signed between Ahmed Al Musalmi, Chief Executive Officer at Sohar International, and Julie Shuttleworth, Head of Global Growth at FFI in the presence of Eng Salem bin Nasser Al Aufi, Minister of Energy and Minerals and Abdulwahid Al Murshidi, Chief Islamic Banking Officer at Sohar International.
Commenting on the initiative, Al Musalmi said: “Green hydrogen has seen increasing demand in recent years and has been recognized as a key investment area to meet the nation’s energy transition goals. By joining hands with FFI, Sohar International seeks to give further impetus to transitioning Oman’s energy sector, and continuing to support Oman’s Vision 2040 and Net Zero 2050 commitment. The bank, through meaningful partnerships with international organizations, will continue to take the required efforts to aid in the scalable development and deployment of Oman’s energy sector inclusive of green hydrogen value chain. Leveraging its excellent track record in the industry and years of market knowledge, the bank will remain at the forefront of change and act as a critical catalyst to drive development of Oman’s green hydrogen market.”
Al Musalmi added: “As a bank, we are on the right track to implement sustainability-related practices into the way we conduct our business. We are delighted to partner with such a reputable international company and are certain that this collaboration will be instrumental in driving socio-economic progress in the country.”
Support for Oman’s energy sector by both Sohar International and FFI was further demonstrated through silver (Sohar International) and platinum (FFI) sponsorship arrangements at the Green Hydrogen Summit. The three-day event witnessed the participation of 30 local and international specialized establishments, showcasing their projects, programmes, and modern technologies in the field of green hydrogen.
Moataz Kandil, FFI President for Mena region, commented: “Oman has recognized FFI’s global credentials as a leader in the green energy industry. Yet, partners like Sohar International are the enablers we need to make our projects a reality in the short timeframes needed to drive real impact to countries seeking to response to the issues of climate change to drive a better future for their people and the planet.”
