HutanBio and Utopia World Investment sign MoU to advance sustainable fuels industry in Oman

HutanBio has entered into a strategic memorandum of understanding with Oman’s Utopia World Investment (UWI) to support the growth of a sustainable fuels sector in Oman.

Utopia is a majority shareholder in Wakud International which owns and operates Oman’s first dedicated biodiesel refinery. The collaboration seeks to develop and scale next-generation sustainable biofuel production to address one of the most difficult challenges in the fight against climate change: producing sustainable aviation and maritime fuel at commercial scale.

John Jones, COO of Utopia World BioEnergy said: “By partnering with HutanBio, Utopia World is proactively building a pipeline of ultra-low carbon feedstocks for 2027 and beyond, ensuring continuity, scalability, and integrity in future fuel production.”

The partnership centres on the commercialisation of HutanBio's proprietary algae-based oil technology.

Under the terms of the agreement, Wakud will act as an offtaker as both entities scale their operations.

Oman's unique geographical and industrial profile have been a primary driver for this collaboration.

Following successful discussions with government representatives and industry leaders, Manshu Agarwal, CEO of HutanBio, said the partnership reflects a shared ambition to position Oman at the forefront of the global clean energy transition.

"Oman is perhaps the single best place on Earth to build and scale this project, particularly because of its geopolitical stability, excellent human capital and refinery infrastructure in oil and gas, and of course the ideal climate for growing this algae," he stated.

The first site is set to deploy in late 2027, before massive scale expansion in Oman, followed on by deployment through licensing in Asia, Northern Africa, Australia and parts of the US - supporting the needs of the entire aviation and maritime industry.