Deal signed for development of Oman’s EV infrastructure

Deal signed for development of Oman’s EV infrastructure

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).

EVO will be tasked with developing Oman’s electric vehicle infrastructure, OOMCO said in a disclosure submitted to the Muscat Stock Exchange.

‘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.

‘We aim to expand in the electric vehicle market and encourage the use of green energy,’ OOMCO added.

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.

As per the ministry’s estimates, Oman