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U.S. firm Crusoe Energy, which specializes in using excess natural gas to mine bitcoin, will soon begin deploying generators and equipment to collect flared gas in Oman’s capital Muscat.
Crusoe CEO Chase Lochmiller commented that the company considers it important to have a presence in the Middle East and North Africa region, as this location accounts for 38% of the world’s burning of excess natural gas from oil wells.
A pilot project for the first deployment in the Middle East is expected to be launched by the end of the year or early 2023. Lochmiller reported that while the state of the financial markets and bitcoin “definitely has some impact on overall revenue, it will not affect growth and expansion plans.”
The Omani government has reportedly signed an agreement with the World Bank to stop flaring by 2030 and invested in Crusoe last year. In April of this year, Oman increased its stake in the company, investing $ 505 million.
Oman is committed to reducing greenhouse gas emissions in line with the Paris Climate Agreement,” said Ismail Ibrahim Al-Harti, Technology Investment Manager at the Oman Investment Authority.
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