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Hungary To Invest €10 Million In Solar Plant In Oman

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Hungary to invest €10 million in a solar power plant in Oman in an effort to transition to renewable and clean energy sources. The agreement was signed by Peter Szijjarto, Hungary’s Minister of Foreign Affairs and Trade, and Oman’s Foreign Minister, Sayyid Badr Al Busaidi in Muscat.

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Peter Szijjarto said, “Oman has been a pretty successful destination for Hungarian investors, and the biggest Hungarian company, MOL, has strategic cooperation with Oman Oil Co., and this is basically the backbone of our bilateral cooperation. As the global energy industry is entering a new, more innovative phase, our energy cooperation has to enter a more innovative phase also.”

MOL has had a big role in Oman to upgrade the traditional carbon-hydrogen industries and now we are ready that with the support of the Hungarian government, Hungarian companies will take part in building up the renewable energy sector of Oman.

He added, “An agreement has been signed by a Hungarian company with the financial support of the Hungarian government to construct a solar power station in Oman. This investment will have a range of 10 million Euros and the Hungarian government is lending its financial support to this investment.”

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“We encourage the European Union to enter into tighter cooperation with the Gulf countries,” he said. “I think the EU would be stronger in case of successful cooperation with this region. The first step would be people-to-people contact. That is why Hungary supports the visa-free regime to be established for Oman, on behalf of the EU. We see no risks in that: Only advantages and possible profit.”

He said, “We would like to express our respect towards the approach represented by the foreign policy of Oman, namely, sticking to tradition, sticking to heritage, and sticking to values. I think that is extremely important. On the other hand, I have to tell you that for us Europeans, the security situation in this part of the world is vital.”

Recently, under the patronage of His Excellency Sayyid Hamoud bin Faisal al Busaidi, Omani Minister of Interior, and in the presence of His Excellency Eng. Khalid bin Abdulaziz Al-Falih, Saudi Minister of Investment, a consortium consisting of ACWA Power, Gulf Investment Corporation, and Alternative Energy Projects Co., inaugurated Ibri 2, the first solar independent power project (IPP) to be launched under the country’s national renewable energy programme and connected to the main national grid. The consortium will produce renewable energy over a 15-year period for the Oman Power and Water Procurement Company (OPWP).

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“We had two complicated years behind us, but the Hungarian economy proved to be successful, regardless of the crisis, which gives us a good basis to upgrade it to the next level. But the Hungarian economy can only be upgraded in case Hungarian companies successfully complete investments outside the country,” said Szijjarto.

He concluded, “The profit made there could contribute to further success for domestic economies. The Gulf area is supposed to offer great opportunities for those Hungarian companies that are technology-oriented.”

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