Global energy major Royal Dutch Shell plans to add new clean energy projects in Oman and boost its renewables portfolio as the sultanate aims to generate 30 per cent of its electricity from green sources by 2030.
The company launched the 25-megawatt Qabas solar plant in Sohar in January, which was Shell's first renewable project in the Middle East.
“We have the ambition to grow beyond the first project, especially in the context of energy transition and reducing the carbon footprint both for the country and for ourselves,” Walid Hadi, vice president and country chairman for Oman Shell, told The National.
Oman is building renewable energy plants across the country to increase supply of clean power to both homes and industries as part of its commitment to the Paris Accord, which it signed in 2016.
Some of the plants are already operational, including the $125 million Dhofar wind farm, developed by Abu Dhabi's Masdar and funded by the Abu Dhabi Fund for Development. The total capacity of the plant is 50MW.
Other projects include Petroleum Development Oman’s 100MW Amin photovoltaic solar power plant that began commercial operations last year.
“We have a number of projects in the pipeline and we have an intent to mature more,” Mr Hadi said.
But he declined to disclose the number of projects or the money the company intends to invest in the coming years.
Besides solar power, the company is also looking at wind energy projects as “there [are] pretty rich wind corridors in the country”, he said.
Shell is planning to add more clean energy projects to its global renewables portfolio in a bid to become a net-zero emissions energy company by 2050, Mr Hadi said.
Publicly listed oil companies around the world have come under increasing pressure from activist investors, governments, courts and large institutional investors that promote environmental, social and corporate governance standards to reduce their carbon footprint and transition to clean energy.
Currently, Shell has 2.6 gigawatts of renewable generation capacity in operation and 7.5 gigawatts in development globally, the company said.
“There is only one path to renewables and that is a growth path. It i the energy of the future … there is an opportunity for energy companies to lead through the transition and return value to the shareholders,” he said.
Shell has a 34 per cent stake in state-owned Petroleum Development Oman, which accounts for more than 70 per cent of the country’s crude oil production and nearly all its natural gas supply.
It also has a 49 per cent interest in Shell Oman Marketing Company, which provides services and sells fuels, lubricants and grease.
Oman Shell is also part of the national hydrogen alliance set up by the Ministry of Energy and Minerals this month to develop the country’s hydrogen economy.
“The job of this alliance is to put public sector, private sector and academia and the regulators on one table to say 'here is what we need to do to initiate a hydrogen economy in Oman, these are the investments required, these are the regulations we need, here is the technology that will evolve over time' and, from that, start creating an ecosystem that makes it easier for companies to come and invest in hydrogen,” Mr Hadi said.
“It is a long journey but it is starting in the right place and right people are around the table including the biggest energy producers in Oman, the Ministry of Energy, Sultan Qaboos University and other public and private sector companies.”
Globally, the size of the hydrogen industry is expected to hit $183 billion by 2023, up from $129bn in 2017, according to Fitch Solutions.
French investment bank Natixis estimates that investment in hydrogen will exceed $300bn by 2030.
The UAE and other countries in the region are planning to produce hydrogen and tap into the clean fuel’s potential.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20profile
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The%20specs
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Fire and Fury
By Michael Wolff,
Henry Holt
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
COMPANY%20PROFILE
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Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
