Muscat – Oman Oil Marketing Company (OOMCO) on Sunday announced the execution of a binding Heads of Terms with Synergy Investment LLC to establish Electric Vehicles One (EVO).
''The agreement was signed on July 3, 2023. A contribution of capital will be in kind and not cash, by way of asset transfer in accordance with an asset valuation report for both parties,'' OOMCO said.
As per the company''s disclosure, the Heads of Terms establishes EVO''s business activities primarily in trading, installation, operation and maintenance of electric vehicle charging stations as well as other services and products that complement Oman''s electric vehicle ecosystem.
In line with Oman''s commitment to achieve net zero emissions by 2050, the sultanate plans to phase out fuel-operated vehicles and ensure that 79% of vehicles in the country by 2035 are electric. This was revealed during the Ministry of Transport, Communications and Information Technology''s annual media meeting held earlier this year (February) to unveil its plans for 2023.
To support the large-scale adoption of EVs in Oman, the sultanate''s government is considering provision of incentives for electric vehicles with an objective to make them affordable for ordinary people while also decarbonising transport in the country.
In May this year, the Ministry of Transport, Communications and Information Technology (MTCIT) launched a special programme to reduce carbon emissions and reach net zero by 2050.
The programme includes a number of projects and initiatives in several sectors, one of these being the transport, communications and information technology sector, which accounts for nearly 20% of the total carbon emissions in Oman.
The Tax Authority recently announced that electric vehicles and EV parts will be exempt from value-added tax (VAT), customs tax and registration fee in the sultanate.
As per its latest announcement, the Ministry of Transport, Communications and Information Technology (MTCIT) has already installed 90 charging stations across the sultanate in an effort to encourage adoption of electric vehicles (EVs) and reduce carbon emissions.
Launched on October 10, 2009, Muscat Daily is now the largest selling broadsheet newspaper in the Sultanate of Oman with 33,500 daily copies and 28,000 subscribers.. Muscat Daily provides unrivalled national news coverage from Oman, the region and internationally.
Muscat: Our planet faces a growing challenge – climate change. The transportation sector contributes significantly to overall carbon emissions with the UN putting its contributions at 13% of total global greenhouse gas emissions and 23% of energy-related carbon dioxide emissions. Of these, three-fourths come from road traffic alone. In response, many countries are looking towards electric vehicles (EVs) as a cleaner and more sustainable alternative. Oman is no exception.
Oman is embarking on a transformative journey towards a greener future, with electric vehicles (EVs) serving as the driving force. This ambitious vision hinges on a three-pronged approach: building a robust charging infrastructure, implementing supportive government policies, and fostering strategic partnerships.
The Omani government is playing a pivotal role in promoting EV adoption by offering attractive tax breaks to consumers. These incentives make EVs a more financially viable option, enticing individuals and businesses to make the switch. This, coupled with the entry of new players in the market, like Vietnamese automaker VinFast partnering with Bahwan Automobiles, is expected to diversify the EV landscape and offer Omani drivers a wider range of choices.
Oman''s commitment to EVs goes beyond personal transportation. Recognizing the need for a comprehensive approach, the government has signed a deal to develop the country''s EV infrastructure for all types of electric vehicles. This includes not only passenger cars but also commercial vehicles like buses, trucks, and even delivery vans. By electrifying these sectors, Oman can significantly reduce emissions across its transportation network, leading to a cleaner and more sustainable future.
Alena Dique is an ESG advisor, specialising in SDGs and economic diversification, and is a certified UNCTAD Youth Network coordinator. She also serves as Associate Director at Gulf Intelligence, driving impactful change in energy transition
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