en.Wedoany.com Reported - The Office of the President of Botswana announced on Monday that Botswana and Oman have signed multiple agreements covering mineral exploration, petroleum storage infrastructure, and renewable energy. During a three-day visit to Oman, Botswana's President Duma Boko presided over the signing ceremony of the agreements with Oman's Sultan Haitham bin Tariq. This cooperation aims to strengthen economic ties between the two countries and help Botswana diversify its economy to reduce its reliance on diamond mining.
As part of its economic diversification strategy, Botswana has been seeking cooperation with Gulf countries to expand its mining focus beyond diamonds to critical minerals such as copper, gold, graphite, and iron ore. According to the joint mineral exploration agreement, Botswana will leverage the expertise of its Omani partners to increase its mining exploration activities, targeting approximately 70% of the country's unexplored territory. Diamond sales revenue has traditionally accounted for about one-third of Botswana's national income. However, in recent years, due to global economic uncertainty and the rise of lab-grown diamonds, the global diamond market has weakened, leading to a continuous decline in Botswana's related revenue.
In the field of energy cooperation, the agreements include a development project for a 500-megawatt solar power plant. It was previously announced on March 20 that NAQAA Sustainable Energy, a subsidiary of the Omani state-owned company O-Green, has been selected to design, finance, construct, and operate this power plant in northwestern Botswana. According to the plan, the power plant will have an operational lifespan of at least 25 years. Botswana is planning to increase the contribution of renewable energy to its power supply from the current 8% to 50% by 2030. The Office of the President of Botswana stated that this power plant will enable Botswana to "secure its energy future and unlock long-term economic value," but the statement did not provide related financial details.
In the field of petroleum storage, Botswana Oil Limited, the state-owned petroleum company, also signed a joint development agreement with Omani energy investment company OQ S.A.O.C to plan the construction of petroleum storage infrastructure in Walvis Bay, Namibia, and within Botswana. Furthermore, Oman itself is actively promoting economic diversification to reduce its dependence on the oil industry. Although Oman's recent revenue has increased due to soaring oil prices, the country is still accelerating its transition towards a sustainable economy.
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