LOC14:57
11:57 GMT
MUSCAT, May 1 (KUNA) -- The ceremony for the Marsa LNG project took place Thursday in Sohar province, Oman, marking the launch of the largest joint investment between OQ Exploration and Production (OQEP) and TotalEnergies.
The project is valued at USD 1.6 billion, with TotalEnergies having an 80 percent stake, while OQEP holds the remaining 20 percent.
According to the Oman News Agency (ONA), the event was held under the patronage of Eng. Salem Al-Aufi, Minister of Energy and Minerals, and attended by senior officials from TotalEnergies, international investors, and business leaders.
The Marsa LNG project reflects OQEP's strategic commitment to developing Oman's energy sector in a way that delivers long-term sustainable value.
It also marks the company's expansion into a new energy domain, LNG bunkering, which aligns with its strategy to build a more sustainable energy future. The project is also expected to enhance in-country value (ICV).
The implementation of the Marsa LNG project strengthens Oman's position as a regional hub for clean marine fuel and represents a strategic partnership between OQEP andTotalEnergies.
This partnership is a model of successful international collaboration in the development of clean energy projects and will contribute to economic diversification policies, attracting foreign investment, and increasing In-Country Value in line with the objectives of Oman Vision 2040.
The project will supply ships with liquefied natural gas (LNG) as fuel, supporting the reduction of the maritime transport sector's carbon footprint through the establishment of low-emission infrastructure.
Speaking during the ceremony Minister Al-Aufi reflected commitment to supporting downstream energy projects as a key pillar for achieving economic integration across the sectors of industry, trade, ports, and logistics.
The Marsa LNG project, a strategic partnership between OQ Exploration and Production and TotalEnergies, embodied this vision through the development of advanced infrastructure to supply ships with liquefied natural gas as a clean alternative fuel.
Patrick Pouyanne, Chairman and CEO of TotalEnergies, said, "I'm very proud to see Marsa LNG breaking ground, alongside our longstanding partner OQEP, and with the strong support from Oman's authorities. This flagship project demonstrates that LNG production can be very low carbon, contributing to making gas a long-term transition fuel. With an ambitious technical design, we intend to set the standard and pave the way for the next generation of low-emissions LNG plants across the world. We also offer an effective way to support the shipping sector's energy transition, by providing lower-emissions marine fuel in a key location at the entrance of the Gulf."
Eng. Ahmad Al-Azkawi, CEO of OQEP, said, "At OQEP, we are committed to advancing innovation and sustainability across Oman's energy sector. The Marsa LNG project represents a bold step forward, harnessing cutting-edge technology and strategic collaboration to ensure a cleaner, and affordable energy future. As the first LNG bunkering hub in the Middle East, Marsa LNG will undertake a pivotal role in reducing emissions in the shipping industry while reinforcing Oman's position as a key player in the global energy sector." (end)
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