Hydrogen projects to boost Oman’s non-oil economy: Fitch Ratings

Oman is to expand local green hydrogen production to at least 1mn metric tonnes per year by 2030. Local state-owned enterprise (SOE) Hydrogen Oman (Hydrom) signed six investment agreements, worth over $38bn, with partners in 2023. The initiative will increase foreign direct investments in OMan, which would boost the GDP and reduce the dependence on fossil fuels. However, the hydrogen’s sector’s long-term viability may rise as a future challenge.