Phaze Ventures joins forces with OQ to transform future of energy operations

Omani collaboration looking for global ‘disruptive’ technology development opportunities

OQ, Phaze Ventures, Startup, Venture capital
Paul Sandor Photography All Right Reserved

Phaze Ventures, an Oman-based venture capital firm, and OQ, Oman’s global integrated energy services company, have signed a Memorandum of Understanding which will see the organisations work closely together to develop, deploy, and invest in disruptive energy technologies from across the globe.

The agreement incorporates several areas of collaboration in support of the two organisations’ core missions and brings together Phaze Ventures technology and investment ecosystem with OQ’s global operating platform and industry leading expertise. The agreement will see the two companies work together in a number of areas including talent development and technology incubation and piloting.

Abdullah Al-Shaksy, CEO and co-founder at Phaze Ventures, said: “We are on a mission to provide disruptive technology companies with the early-stage investments and strategic support they need to transform traditional industries such as the global energy and logistics sectors.

“This agreement marks an important step on that journey. Strategic partnerships with forward thinking global players such as OQ allows us to provide innovators with the unique opportunity to develop and deploy their offering and, ultimately, supercharge their growth.”

The agreement follows Phaze Ventures’ partnership with Petroleum Development Oman in 2018 and the launch of the regions first energy focused startup accelerator program, further solidifying their position as a key player in the future of the regions’ transition.

For all the latest refining and petrochemical news from the Middle East countries, follow us on Twitter and LinkedIn, like us on Facebook.

You may also like

Modelling a second Covid-19 wave: Oil demand in 2020 could lose another 2.5 million bpd
North America (notably the lower US states), the Middle East and Southeast Asia will be hit relatively harder, Rystad Energy’s modelling shows
Saudi Aramco CEO 'optimistic' for second half of the year
In a conversation during CERAWeek, Amin Nasser said that "the worst is behind us" for oil markets
Bilfinger Tebodin Middle East in Egypt signs an engineering master service agreement with PETROJET
Strategic engineering framework agreement with project volume worth $1mn
Mammoet awarded two vital contracts by Duqm oil refinery
The global leader in engineered heavy lifting and transport provides safe and timely transportation from factory to foundation in Oman