Mission: Wakud’s mission is to build a biofuel ecosystem in the Middle East, starting with Oman, and to create awareness about biodiesel and waste management benefits, with the ultimate aim of supporting the country’s move towards a more circular economy while generating in-country value.
Segments targeted by the company for its refined products: transportation and logistics; marine (ships and construction equipment); power generation (aiming to replace generators fuelled by diesel); heavy machinery and upstream equipment (e.g., rigs)
Strategy: focusing primarily on corporate customers, working mainly as a refinery- leaving logistics, distribution and marketing companies to take the products to the customers; improving the quality of the products by developing R&D collaborations with academia
In June 2023, Omani-British green energy venture X2E took a 60% stake in Wakud for USD 1.4 million, with an additional USD 3.6 million to be potentially invested for a tenfold throughput increase at the existing facility. Overall, X2E intends to invest approximately USD 120 million in the biodiesel capacity expansion planned by Wakud.
The facility’s expansion project is scheduled to be completed by the beginning of 2025, allowing the factory to produce sustainable aviation fuel and marine fuels by 2025, depending on raw material availability.
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