Arab News, Thursday, Jun 02, 2022 | Zul Qaadah 02, 1443
Oman backs US crypto firm to cut natural gas flaring
Oman:
Oman’s sovereign wealth fund has acquired a stake in a US company that helps
fossil fuel producers reduce gas flaring by using stranded natural gas to power
crypto mining, Bloomberg reported.
The Oman Investment Authority was part of the $350
million equity round that Crusoe Energy Systems — a technology-driven flare
mitigation provider— raised in April, according to a statement.
Crusoe will open an office in Oman to help deploy
power generators and mining equipment to capture gas at well sites, CEO of
Crusoe Chase Lochmiller said.
“We’ve always felt it was important for us to have
a presence in the MENA region,” given its share of global flaring, Lochmiller
said. “Having the buy-in from nations that are actively trying to solve the
flaring issues is what we are looking for.”