A letter of Intent (LoI) was signed between Sultan Qaboos University and Skytech Processes Automation, a company registered in the Kingdom of Bahrain, to provide SQU access to technical services, finance, training and support under the Energy Savings Performance Contracting Program (ESCO Program). The Program is meant for development and implementation of Energy Savings Performance Contracting (EPC) projects and to obligate SQU to follow and adhere to the guidelines of the program. The final objective of the LoI is to for both the organizations to have a long-term binding agreement for the implementation of ESCO Program upon successful execution of pilot projects.
The Letter of Intent in this regard was signed by Prof. Ali Huwaishal Ali Al Shuaili, SQU Deputy Vice Chancellor for Administrative & Financial Affairs, and Eng. Sameeh E. Bin Rajab, CEO of Skytech Processes Automation.
The objectives of the ESCO Program is reduction in energy costs and annual maintenance capital costs for SQU. Finance for the program will be provided by Skytech Process Automation and will present an Energy Savings Performance contract to SQU for approval which has detailed energy and cost savings, payback period and proposed payment schedule. In consideration of the services rendered by Skytech Process Automation under this LoI, SQU shall engage in efforts to reduce its energy consumption through participation in the Program, and follow and adhere to its guidelines, rules and provisions.