Oman’s Beah is currently negotiating to finance the construction of the second phase of the hazardous waste treatment project in Sohar, Oman Investment Authority (OIA) revealed in its latest annual report.
The facility, the largest of its kind in Oman, when completed in 2025 tentatively, will be capable of handling industrial and hazardous waste.
The first phase of the facility that includes three landfills and an open and closed area for industrial waste has commenced operations. Phase two will include a solidification plant and lab installations.
Providing an update on another key waste management project, the report said the Barka waste-to-energy project is still under study.
The plant is expected to have a daily processing capacity of 4,500 tonnes of municipal waste and a power generation capacity of 130-150 megawatts (MW). The project was revived in 2022 after being put on hold in 2020.
The report updated that the restructuring of Oman’s electricity sector is expected to be completed by the second quarter of 2023. The project aims to merge supply services into one company, and electricity distribution services into another company.
Phase 1 of the North-South Interconnection Grid that will connect North Oman to Duqm is 68 percent complete, the report said, adding that the interconnection will enhance grid reliability and reduce the total cost.
According to the report, OIA and Saudi partners have agreed to allocate 4.5 billion Omani rials ($11.7 billion) towards completion of Stage 2 of the Yiti project and for the Rakiza Fund, an infrastructure fund set up to attract private investment into Oman and Saudi Arabia.
In March 2022, Saudi’s Dar Al Arkan and OIA agreed to invest $1.6 billion to develop AIDA, a mixed-use real estate project spread on a 3.5 million square metre area as part of the Yiti project.
OIA is also preparing six diverse assets for divestment to be finalised by 2023, the annual report disclosed.
(Writing by Sowmya Sundar; Editing by Anoop Menon)
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