Madrid: The Sultanate of Oman and the Kingdom of Spain have strengthened their bilateral relations by signing four memoranda of understanding (MoUs) in the fields of green methanol, liquefied natural gas (LNG), water and wastewater management, and economic cooperation. These agreements aim to bolster trade and investment relations between the two nations’ business communities.

According to Oman News Agency, the MoU signings occurred in Madrid during the state visit of His Majesty Sultan Haitham bin Tarik to Spain. The first MoU was established between the Oman Chamber of Commerce and Industry and the Spanish Chamber of Commerce, Industry, Services, and Navigation. This agreement seeks to expand cooperation between the private sectors of both countries, facilitating the exchange of trade delegations and organizing joint exhibitions and seminars.

The second MoU involved Nama Water Services and the Spanish company ‘Aguas de Valencia’. This agreement focuses on enhancing water and wastewater management through innovative solutions based on artificial intelligence. A pilot project for leak detection in Nama Water Services’ water network will be implemented, alongside a study of non-revenue water. The partnership aims for a long-term collaboration of up to 10 years in comprehensive water and wastewater projects.

Oman LNG Company signed the third MoU with Spanish company ‘Naturgy’, aiming to explore a long-term LNG sale and purchase agreement. This could include supplying up to one million tons annually for 10 years starting from 2030. The companies will also seek joint investment in building an LNG carrier and explore opportunities for access to European regasification terminals.

The fourth MoU was signed by Oman’s Ministry of Transport, Communications and Information Technology with an international consortium, including HIF EMEA and ACCIONA and amp;Nordex Green Hydrogen. This agreement aims to develop a project for producing and supplying ships with low-carbon green methanol in Dhofar Governorate. The collaboration will assess technical, regulatory, and commercial aspects for establishing a major facility to produce green methanol, leveraging renewable energy sources.

The MoUs were signed by senior officials from both Oman and Spain, reflecting the commitment of both countries to enhance cooperation across various sectors. The signings were attended by ministers and senior officials from both sides, underscoring the significance of these agreements in fostering stronger bilateral relations.