Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
TT

Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)

Oman’s Ministry of Energy and Minerals (MEM) has signed two memoranda of understanding with two companies – one from the US and the other from Oman – to assess the potential of geologic hydrogen exploration in the Sultanate.

The MoUs inked with American ‘Eden Geopower’ and the Omani Earth Sciences Consultancy Center represent a substantial stride in bolstering cooperation in this field.

These agreements have been meticulously designed to foster scientific dialogues, conduct in-depth preliminary studies, and pinpoint suitable locations for experimental research.

MEM Undersecretary Mohsen Hamad Al Hadrami underscored the strategic importance of geologic hydrogen within Oman’s comprehensive energy transition plan.

He expressed his enthusiasm for the expanding hydrogen sector, recognizing its significance not only from an economic standpoint but also for its potential contributions to environmental sustainability.

Hydrogen is poised to play an instrumental role in bolstering global energy security. Consequently, robust research and exploration in this sector are of paramount importance to attain the most favorable outcomes.

Moreover, Al Hadrami stressed the vital role of international collaboration and coordination with experts and partners in advancing the scientific and technical dimensions of geologic hydrogen.

These partnerships also serve as magnets for attracting investments, which are indispensable for unlocking the full potential of this clean energy source.

Oman’s aim is crystal clear: to establish itself as a leading and trusted player on the global stage in the domain of geologic hydrogen, added Hadrami.

He further elaborated that this workshop and the research agreements in the field of geologic hydrogen with the US have the potential to bolster economic opportunities and strategic partnerships related to geologic hydrogen, exploring its utility as a clean natural resource through further research and exploration.

The MoUs were signed on the sidelines of a workshop on the untapped potential of geologic hydrogen held by MEM and its American counterpart.

The workshop discussed various methods to stimulate the production of geological hydrogen and ongoing research related to this emerging field.

During the workshop, the Ministry of Energy and Minerals announced the acceptance of research and experimental proposals in the realm of geological hydrogen exploration within the Sultanate of Oman, welcoming submissions from interested parties.

Participants also acknowledged the significance of the positive measures undertaken by the Sultanate to promote environmental sustainability in a broader context, with a particular emphasis on advancing the renewable energy sector and clean hydrogen initiatives.

Oman has embraced ambitious plans to become one of the world's leading producers of clean hydrogen.

Substantial steps have already been taken in this direction, including the issuance of Royal Decree No. 10/2023 in February. This decree allocates land for the development of renewable energy and clean hydrogen projects.

In collaboration with the Department of Energy, private sector entities, and research institutions, the US is actively exploring the potential associated with Geologic Hydrogen production.

The US Department of Energy has recently announced that it has allocated funding for $20 million to support research and experimentation in the exploration and production of geologic hydrogen.



Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.