TotalEnergies, OQ to launch $1.6bn LNG bunkering project in Oman
Oman’s Sohar Port is set to house a new $1.6 billion liquefied natural gas bunkering plant following an agreement inked between OQ and TotalEnergies, according to Arab News.
TotalEnergies will provide 80 percent of the investment, with OQ contributing the remaining 20 percent through their joint venture, Marsa Liquefied Natural Gas LLC.
The Marsa LNG project, the first of its kind in the Middle East, is poised to have significant economic implications. It’s expected to bolster Oman’s treasury revenues and enhance local value through collaborative local investments.
The plant, powered entirely by solar energy, is expected to contribute to the reduction of carbon emissions and the shipping industry’s overall carbon footprint. Notably, it is projected to emit less than 3 kg of carbon dioxide per oil equivalent barrel.
The project is expected to provide additional direct financial revenues to Oman, increase traffic to the city’s ports, and enhance local investments.
It is also set to expand the gas and alternative energy supply network and create new job opportunities in the country.
