AFAQ NEWS
The Omani government confirmed that its decision to dissolve Glass Point Solar was caused by the sharp drop in oil and gas prices in the world against the backdrop of the Corona virus pandemic.
The General Reserve Fund of the Sultanate of Oman, in a statement issued on Saturday evening, said, “The decision to liquidate Glass Point Solar Company, in which the Sultanate owns 31% of their name, came after the sharp decline in oil and gas prices as a result of the global economic slowdown due to the Corona virus pandemic and the negative effects reflected On a large number of sectors globally and locally without exception, foremost of which are the oil and gas sector, the aviation and hospitality sector, and others, which have presented many challenges to funders and major international companies operating in these sectors. “
The fund pointed out that the partners at Glass Point decided not to pump additional funds to continue the company’s operations in light of the decline in oil and gas prices, which may continue at a low level for periods that are difficult to predict.
The statement pointed out that “Glass Point Solar has a regional office in the Sultanate in which a group of employees work, and coordination has been made with the remaining Omani employees to find alternative job opportunities for them and work is being done on the necessary procedures in preparation for their employment in other institutions affiliated with the Fund and other companies.
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