Barka Water and Power Company SAOG announced the Capital Market Authority, the Muscat Stock Exchange and the investors' community that the Company has entered into a short-term direct power supply agreement until 30th September 2022. The contract is a result of an initiative by the Authority for Public Services Regulation to cater for direct sales framework policy, currently under consultation phase. Accordingly, the Company has, under the approval of the Board of Directors of the Company and its lenders, entered into a short-term agreement with OQ Plastics LLC to sell electricity ranging from 85MWh to 110MWh starting from effective date of the agreement until 30 September 2022.

The utilized capacity is 25% of total capacity available and is expected to cover operating costs only during this pilot trial period. Power supply to OQ Plastics LCC under above arrangement commenced on 13 September 2022.