Botswana's President Duma Boko concluded a series of agreements with Sultan Haitham bin Tariq in Oman on Monday during a three-day official visit.
According to the Botswana presidency, these agreements cover three main areas: mineral exploration, renewable energy and oil storage infrastructure.
An agreement provides for cooperation in mineral resource exploration in Botswana, with an intensification of prospecting activities across approximately 70% of the country's still largely unexplored territory. Targeted resources include copper, gold, graphite, and iron ore. This initiative comes amid declining diamond revenues, a sector that, according to the International Monetary Fund, represents about 30% of the country's GDP and 80% of its exports.
A second agreement concerns the construction of a 500-megawatt solar power plant in northwestern Botswana, with battery storage and a planned lifespan of at least 25 years.
The project is being led by NAQAA Sustainable Energy LLC, a subsidiary of the Omani company O-Green, which has already been designated for the design, financing, construction and operation of the facility.
The government aims to increase the share of renewable energy in its electricity supply from 8% currently to 50% by 2030. No investment amount has been disclosed.
A third agreement concerns the development of oil storage infrastructure. Botswana Oil Limited has signed a partnership with the Omani company OQ SAOC for projects in Botswana and Walvis Bay, Namibia.
The presidential statement does not specify the capabilities or implementation timelines.
Botswana is seeking to diversify its economy in the face of declining global demand for diamonds and price pressures. The diamond sector remains the country's main source of foreign exchange.
