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Merge 104.8 | 17 May 2020
Oman’s State General Reserve Fund has issued a statement on the liquidation of GlassPoint Solar, a solar energy company in which the Sultanate owns a 31 per cent share.
Image for illustrative purposes only. Source: Shutterstock
As Merge’s sister radio station Al Wisal reports, the State General Reserve Fund outlined in its statement that the decision to liquidate GlassPoint Solar came after the sharp drop in oil and gas prices as a result of the global economic conditions left in the wake of the COVID-19 pandemic, noting that these negative economic effects reflected on a large number of sectors globally.
Locally, the oil and gas sector, aviation, hospitality, and other sectors have presented with challenges to funders and major international companies operating in these sectors, amid the current global economic climate.
The Reserve Fund’s statement also elaborated that its partners at GlassPoint took a decision not to inject additional funds to continue the company’s operations in light of the decline in oil and gas prices — which could continue to remain in a slump for an unpredictable length of time.
The statement pointed out further that GlassPoint Solar has a regional office with a group of employees in the Sultanate, and authorities have coordinated with the company’s remaining Omani staff to find alternative job opportunities for them. The statement affirmed that efforts are underway on necessary procedures in preparation for their employment in other institutions affiliated with the Fund, and in other companies.
It also explained that the intellectual property of the technology used by the company is one of its most important assets — steam generation using solar energy. It revealed that some investors have expressed a desire to purchase the intellectual property of this technology, and their requests are being dealt with by the executing agency in charge of liquidating the company’s assets in accordance with regulations.
Source: Al Wisal
(Also read: Oman: MoM issues decision on recruitment regulation of expat workers.)
