Friday , August 17 2018
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Oman

Sailors Flee Burning Oil Tanker Off Oman

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At least four seafarers jumped at sea to escape a raging fire Tuesday on a very large crude carrier off the coast of Muscat operated by state owned Shipping Corp. of India Ltd. A number of commercial ships were around the burning Desh Vaibhav and salvage crews looking for the sailors. “It’s a serious blaze, but the rest of the ... Read More »

Drug smuggling attempt at Muscat airport foiled

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Muscat: Customs at Muscat International Airport seized psychotropic substances and narcotics tablets, the department announced. According to officials, the narcotics tablets consisted of large amounts of Clonazepam and Bromazepam tablets. A statement online by Oman Customs read, “Customs of Muscat International Airport thwarted the smuggling of Clonazepam and Bromazepam.” Read More »

Three boats seized in alcohol smuggling attempt

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Muscat: An attempt to smuggle alcohol in three boats in Northern Batinah was foiled by the Coast Guard Patrol, reported Royal Oman Police. According to an official source in the ROP, the boats, with four people onboard, were spotted near Al-Aqar in Wilayat Shinas. The Nothern Batinah Coast Guard also assisted three people, whose engine was destroyed near the port ... Read More »

Hard times for Oman’s Strait smugglers

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Khasab, Oman – Trade between this tip of the Arabian Peninsula and nearby Iran – lying only 50 kilometres across the Strait of Hormuz – goes back millennia, according to Marc Valeri, a political scientist and expert on the Gulf monarchies. In recent years, that trade has been illicit and conducted by smugglers, given the long-standing international sanctions on Iran. ... Read More »

Omran signs agreement with Majid Al Futtaim for Ro5bn project in Muscat

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Oman Tourism Development Company (Omran)signed a partnership agreement with Majid Al Futtaim, leading real estate developer in Middle East and North Africa (MENA) for developing the second phase of ‘Madinat Al Irfan’ project in Muscat with an investment of around RO5bn. The announcement was made at an event held at the Oman Convention & Exhibition Centre (OCEC) in the presence ... Read More »

Two arrested for smuggling alcohol in Oman

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Muscat: A citizen and an expat were arrested by the Royal Oman Police (ROP) on charges of smuggling alcoholic beverages. While the citizen was caught with 398 bottles of alcohol, ROP did not reveal details about the quantity of alcohol that the expat was smuggling. According to ROP, ”The police department at Musandam Governorate arrested a citizen while attempting to ... Read More »

Eor To Contribute For 23% Of Pdo’s Total Oil Output By 2025

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MUSCAT Enhanced oil recovery (EOR), a process used to extract crude from ageing oil fields, could account for nearly a quarter of the overall production of Petroleum Development Oman (PDO) in next seven years. EOR currently accounts for around ten per cent of PDO’s total production. Many of Oman’s oil fields are ageing and that could mean decline in production ... Read More »

Thousands of expats quit Oman as visa ban continues

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Oman’s expat population has dropped 2 percent according to figures released in June, 2018, compared to the same time the previous year, local daily Times of Oman reported. According to government figures there were 43,000 fewer expats recorded in 2018 compared to the previous year – bringing the population of foreign nationals down to 2,035,952. Expats make up 44.1 percent ... Read More »

Oman: SNC-Lavalin signs agreement for PVC plant in Muscat

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SNC-Lavalin signed an exclusive agreement with Project Development & Management International (PDMI) in Oman to design and deliver a greenfield chlor-akali PVC plant 150km southeast of the Omani capital, Muscat. SNC-Lavalin will support the project long-term, from concept development to commissioning, carrying out the initial engineering, master planning, process technology evaluation, and selection to support project financial investment decision approvals. ... Read More »

OMAN FISHERIES EMBARKS ON AMBITIOUS GROWTH PLAN

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MUSCAT – In order to boost the company’s growth and complete the value chain model, Oman Fisheries Company (OFC) is embarking on an ambitious business growth plan and planning to invest in new projects soon. The company’s new business growth plan is devised to restructure Oman Fisheries into five separate wings, according to its yearly financial report submitted to the ... Read More »

OMSB SIGNS AGREEMENT TO USE BLOCKCHAIN TECHNOLOGIES

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The Oman Medical Specialty Board (OMSB) signed a cooperation agreement in the field of use of blockchain technologies for electronic transactions with the Block Chain Solutions and Services Company. It was signed by Dr Hilal bin Ali al Sabti, CEO of OMSB, and Abdul Salam al Murshidi, chairman of the company. Dr Sabti said, “The agreement is part of the ... Read More »

Business ombudsman to be named in Poland

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MUSCAT: The official will be appointed by the country’s prime minister within six months under new regulations collectively known as a “constitution for business,” the businessinsider.com.pl website has reported. The appointment of the new official will “guarantee the implementation of the principles of the constitution for business,” Mariusz Haładyj, a deputy minister for entrepreneurship and technology, has said, as quoted ... Read More »

Oman can defend its currency peg, central bank governor says

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Muscat: Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said. Oman’s gross foreign currency reserves, which stood at $19.6 billion (Dh71.9 billion) at the end of January, are enough to cover nearly nine months’ worth ... Read More »

Oman crude oil price reaches three-year high

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Muscat: The price of Omani crude oil (futures) crossed $75 per barrel today, the Dubai Mercantile Exchange (DME) announced today. According to DME, the price of oil for Oman’s July 2018 delivery rose by $1.61 in a single day to reach $75.41. The surge in the price represents a three-year high, making this the first time that prices have crossed ... Read More »

TOTAL TO DEVELOP INTEGRATED GAS PROJECT IN OMAN

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MUSCAT: Total, a leading international oil and gas company, signed a memorandum of understanding (MoU) with the government of Oman to develop natural gas resources in the sultanate. The MoU includes both upstream and downstream businesses. Total and Shell as operator will develop several natural gas discoveries located in the Greater Barik area onshore Block 6 with respective shares of ... Read More »

Three expats arrested in Oman

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Muscat: Three expats were arrested in Oman on charges of possession and abuse of drugs and for illegally selling tobacco, the Royal Oman Police (ROP) announced. While two expats were arrested in Jalan Bani Bu Ali, the third one was arrested in the Wilayat of Sur. According to the statement by ROP, “The Department of Anti-Narcotics and Psychotropic Substances, led ... Read More »

‘Oman’s tax environment competitive’

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Muscat: More than four-fifths (83 per cent) of respondents in a survey described Oman’s tax environment as competitive or very competitive on a global scale. The Business Barometer: Oman CEO Survey carried out by the Oxford Business Group (OBG). However, almost half (48 per cent) of the executives interviewed said they expected the rise in corporate tax from 13 per ... Read More »

Oman’s budget airline set to add flights to Georgia

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MUSCAT: Oman’s first budget carrier SalamAir is adding two new destinations this coming Eid, with flights to Georgia and Azerbaijan. Starting June 14, the airline will operate three weekly direct flights to Tbilisi and two weekly flights to Baku, with tickets from OR106 and OR121, respectively. Captain Mohamed Ahmed, CEO of SalamAir said: “It is the perfect time for SalamAir ... Read More »

Hungary Unemployment Rate Rises As Expected

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BUDAPEST: Hungary’s unemployment rate increased in the three months ended in March, though marginally, figures from the Hungarian Central Statistical Office showed Friday. The jobless rate came in at 3.9 percent in the January to March period, up from 3.8 percent in the December to February period. The figure also matched consensus estimate. In the corresponding period last year, the ... Read More »

Tax changes in Oman and considerations for foreign investors

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MUSCAT: Omani government amended its withholding tax regime to bring within its scope payments of (i) dividends, (ii) interest and (iii) fees for the provision of services. As of February 27, 2017, a 10 percent withholding tax applies to the mentioned payments made by Omani residents to non-residents. Prior to that date, withholding taxes applied only to specific categories of ... Read More »