Muscat, (Business News Report)|| The Oman Investment Authority has pumped funds into the American company Crusoe for energy technologies to expand in the strategic investment sector.
The Omani Investment Authority also aims to localize modern technologies in economically promising sectors.
The Oman News Agency said that investing in energy technologies gives the Sultanate a leading position in the region to access this advanced technology to serve the sectors of oil and gas, power generation, and information and communication technology.
Oman aims to localize modern technologies in economically promising sectors, as it aims to expand the operations of this company in the Middle East, which is one of the most oil and gas producing regions in the world.
It also aims to enhance its profitability in a new and promising market, in addition to achieving environmental purposes by reducing pollution resulting from flare emissions in oil and gas rights.
The modern technology that the American company Crusoe is working on specifically targets oil and gas companies and fields. The company produces energy by consuming the gases emitted by the flame that affect global warming; which reduces gas emissions commensurate with the reduction of carbon dioxide in the atmosphere by 63%.
Ismail Al Harthy, Director of Technical Investments at the Oman Investment Authority, said: “We aim to benefit the region as a whole, especially the companies operating in the energy sector that will receive financial returns from Croso; In order for the latter to be able to use the gases emitted by the flame with its modern technology.”
Chase Lockmiller, CEO and co-founder of Crusoe, said: “The issue of flare emissions is a problem with a global impact, so we are pleased to expand this emissions mitigation technology in the Middle East to contribute to addressing ongoing challenges.”
He also added, “We find in the Oman Investment Authority a partner with a long-term vision in addressing major problems, and we look forward to strengthening this partnership.”
The Oman Investment Fund is a sovereign wealth fund, established in 2006, with assets of about $6 billion, and aims to diversify the Sultanate’s financial asset base by creating a set of sustainable cash flows.
Meanwhile, the Sultanate of Oman has expanded in recent years in the field of energy, especially renewable energy.