MUSCAT: The inaugural royal visit to Singapore will give a boost to the ongoing efforts of the Sultanate of Oman and Singapore and Oman in their approach to have low-carbon alternatives and energy efficiency solutions. Both aim to enhance the expertise of local companies and expedite the adoption of sustainable practices.
Singapore is intrigued by Oman's commitment to developing the renewable energy sector, including ambitious plans for hydrogen, solar, and wind projects aligned with Oman's National Energy Strategy. This strategy targets deriving 30 per cent of electricity from renewable sources by 2030. A spokesperson from the Singapore Embassy in Oman highlighted Oman's transformative economic agenda, including Oman Vision 2040, focusing on economic diversification through initiatives like smart cities, digitisation, energy transition, green hydrogen development, agri-food, and tourism.
Several Singaporean companies have expressed interest in Oman's green hydrogen and ammonia projects. Sembcorp Jinko Shine SAOC, a joint venture between Sembcorp and Jinko, secured the bid for the development of Manah II, a 500MW PV solar plant, contributing significantly to Oman's goal of achieving 30 per cent renewable energy in its electricity mix by 2030. This project, valued at around $400 million, is the largest of its kind globally in terms of capacity and is set to be operational by October 2024.
Regarding bilateral trade, Oman has been a significant partner for Singapore. In 2022, Oman ranked Singapore's 7th largest trading partner in the MENA region and 55th globally, with total bilateral trade amounting to S$1.36 billion. The sectors involved include transport, construction, professional services, energy, and oil and gas. Noteworthy projects include SembCorp's partnership for an Independent Water and Power Plant and ST Marine's contract to build offshore patrol vessels for the Royal Navy of Oman.
Singaporean entities also express interest in supporting Oman's water needs for hydrogen production, leveraging Singapore's expertise in water treatment, with companies like SembCorp, Liquinex, and Century Water actively exploring solutions. Additionally, Oman seeks knowledge exchange in modern fishing farming techniques, opening opportunities for collaboration with Singaporean players such as Blue Aqua.
Collaborations between the Aquaculture Innovation Centre in Temasek Polytechnic and Sultan Qaboos University have been initiated in aquaculture, focusing on training, education, and research exchange programmes. Singapore's Seafood Industries Association is exploring opportunities in Oman, particularly in food sourcing and joint investment.
Singapore can serve as Oman's gateway to Southeast Asia and East Asia, as evidenced by the presence of Omani companies like Bank Muscat, OQ Group, and Asyad Shipping in Singapore.
The collaboration extends to areas such as civil aviation, environment and urban development, and information and communication technology, facilitated through the Regional Institute for Infrastructure Development (RIID) and the Civil Service College.
As Oman continues its economic diversification and sustainability efforts, the collaboration between Singapore and Oman holds promise across various sectors, fostering mutual growth and development.
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