Khazaen Economic City is continuing to attract investments as Oman is fast emerging as a promising market in the region. One of the latest innovative projects to select Khazaen as the preferred location is Wakud which will set up a facility for recycling waste cooking oil into biofuels.
A lease agreement was signed between Khazaen represented by its CEO Khalid Al Balushi and Wakud represented by its Chairman Talal Hasan. This innovative and environmentally sustainable project is supported by the Implementation Support and Follow-up Unit (ISFU) as well as ‘EJAAD’ as an initiative founded by the Ministry of Oil and Gas, The Research Council and Petroleum Development Oman to promote technology-based solutions to address fundamental challenges and emerging opportunities in the industry.
The project will be implemented as a joint venture in partnership with Green Fuels, a UK based biofuels company. Green Fuels is a pioneer in renewable fuels founded in 2003 and has supplied biofuel equipment with aggregate capacity equating to $500bn in fuel sales to customers in more than 80 countries.
Commenting on the signing of this agreement, Khalid Al Balushi, said: “We are pleased to sign lease agreement for this unique and innovative project that will contribute positively towards the growth of our local economy. Wakud will set up a state-of-the-art bio-diesel plant. The aim behind the establishment of this plant is to optimize the utilization of untapped potential resources and contribute towards Oman’s economic diversification”.
“The establishment of this vital project in Khazaen is a testimony that Khazaen has become an attractive and preferred destination for local and foreign investors, thanks to its strategic location and connectivity with main roads and major ports. In addition, Khazaen has recently rolled out a package of incentives to stimulate further investments despite the challenges posed by the COVID-19 pandemic. These incentives include exemption from rental fees for certain periods and waiver from some administrative fees,’’ he added.
“At Khazaen Economic City, we always align our plans to attract and promote investments along with the government’s plans to establish projects that contribute to the national economic growth, encourage use of local resources to manufacture value-added products in addition to stimulating economic diversification initiatives” he asserted.
On his turn, Talal Hasan, Chairman, Wakud, said, “We are excited to announce our partnership with Khazaen to build our state-of-the-art bio-diesel facility within Oman’s most ambitious development project. We will soon start construction work, and it is expected that the plant will be operational in the 2nd quarter of 2021.”
Maher Al Habsi, CEO of Wakud said, “We intend to collaborate with all interested parties and stakeholders to create a biofuel hub in Oman centered around our bio-diesel project with Green Fuels in Khazaen”.
The bio-diesel plant is one of the key strategic projects that were supported by the Implementation and Follow-up Support Unit (ISFU). The project has been selected based on specific criteria that included having a strategic partner, enhancing the added value, achieving sustainability in economic diversification, and promoting the culture of innovation and sustainability in the Sultanate.
The company aims to be a regional leader in biofuels to create positive impact in the region and to enhance the biofuels ecosystem in the country.