Biodiesel venture signs facility property lease in Oman
In Oman, Wakud International LLC (Wakud), a joint venture company of UK-based Green Fuels Ltd has announced that it has signed a lease on its new facilities at the Khazaen Economic City. Wakud will process locally-collected waste oils into biodiesel and other biofuels
Wakud International is a joint venture between Green Fuels, Protostar Group, and Maher Al Habsi with special support from the Implementation Support & Follow Up unit (ISFU) and “EJAAD”, an initiative funded by the Ministry of Oil and Gas, the Research Council, and Petroleum Development Oman to promote technology-based solutions to address fundamental challenges and emerging opportunities in the industry.
Wakud will set up a state-of-the-art biodiesel plant. The aim behind the establishment of this plant is to optimize the utilization of untapped potential resources and contribute towards Oman’s economic diversification, said Khalid Al Balushi, CEO of Khazaen.
Headquartered in the Sultanate of Oman, Wakud aims to be a regional biofuels leader with production in Oman. Expected to be operational during the latter half of 2021, the biodiesel plant is one of the key strategic projects that were supported by the ISFU.
The project has been selected based on specific criteria that included having a strategic partner, enhancing the added value, achieving sustainability in economic diversification, and promoting the culture of innovation and sustainability in the Sultanate.
We intend to collaborate with all interested parties and stakeholders to create a biofuel hub in Oman centered around our bio-diesel project with Green Fuels in Khazaen, said Maher Al Habsi, CEO of Wakud.