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12.9% growth a shot in the arm for Oman’s economy


MUSCAT: Oman’s economy has achieved a robust 12.9 per cent growth at OMR6,438.9 million in the first quarter of 2017, against OMR5,703.2 million for the same period of last year. The growth in gross domestic product (GDP) at market price was mainly driven by a marked rise in crude oil revenue in the international market, shows the monthly report released ... Read More »

Average inflation rate in Oman for 2017 forecast at 4.1%


MUSCAT: Average inflation rate in Oman is expected at 4.1 per cent this year, up from 1.1 per cent in 2016. However, it is much lower than the 8 per cent inflation estimate for the entire Middle East and North Africa (MENA) region for the current year. Citing a report from International Monetary Fund (IMF), the Central Bank of Oman ... Read More »

Duqm Refinery’s capital expenditure estimate scaled down to $5.65b


MUSCAT: Capital expenditure of Duqm Refinery’s 230,000 barrels per day-capacity refinery has been scaled down to $5.65 billion, from an earlier estimate of almost $7 billion. The decline in total project cost could be due to a fall in EPC values, following undercutting by competing bidders in the aftermath of the slackness in oil prices and softening of project contract ... Read More »

Sohar Aluminium appoints expert team to investigate incident


MUSCAT: Sohar Aluminium has put together a team of experts to investigate an incident that had occured at the plant on August 4, that had disrupted normal operations. A statement from CEO Said Al Masoudi read, “The company has put together a team of industry experts to assess how quickly metal production can be restarted and a return to full ... Read More »

Retail investors help Muscat bourse recovery


MUSCAT: Shares on the Muscat bourse recovered on support from retail investors. MSM 30 index ended with gains and closed at 5,042.31, up by 0.40 per cent. The MSM Sharia Index also was marginally down by 0.04 per cent and closed at 741.04 points. Bank Nizwa was the leader in terms of volume as well as turnover. Oman National Engineering ... Read More »

Oman transport: Mwasalat calls for taxi bids


MUSCAT: The government bus operator has invited bids to supply 500 taxicabs in Oman, according to adverts placed by Mwasalat. In a statement shared across social media, the transportation company ‘Mwasalat’ said: “Within our framework to begin operating our taxi fleet by the end of the year, as based on our Ministry of Transport and Communications permits, ‘Mwasalat’ invites all ... Read More »

Oman participates in emergency meeting of Arab foreign ministers


MUSCAT: The Sultanate on Thursday took part in the emergency meeting of the Council of Arab Foreign Ministers, chaired by Algeria, at the headquarters of the Arab League in Cairo to discuss the latest Israeli attacks and actions in the city of Al Quds and the Al Aqsa Mosque. The Sultanate’s delegation was led in the meeting by Dr. Ali ... Read More »

Salalah port names new chief executive officer


MUSCAT: Salalah port on Tuesday announced the appointment of Andrew Dawes as chief executive officer of the company with effect from August 1, 2017. Salalah Port Services in a disclosure statement on the Muscat Securities Market said that Andrew has extensive experience in a wide range of terminal operational functions with several global terminal operators over 20 years. “Over the ... Read More »

Oman oil price rises 92%


MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price (September delivery 2017) reached $48.37. The DME statement on Thursday said that the price of Oman oil rose 92 cents from Wednesday’s price, which was $47.45. The average price of Oman oil (August Delivery 2017) has stabilised at $46.52, thus $4.03 per barrel lower than July delivery 2017. Read More »

Central Bank of Oman raises OMR41m from treasury bills


MUSCAT: Oman raised OMR41 million by way of treasury bills this week. The treasury bills are with a maturity period of 28 days, from July 19 to August 16, 2017. The average accepted price reached 99.924 for every OMR100, and the minimum accepted price arrived at 99.920 per OMR100. Whereas the average discount rate and the average yield reached 0.98881 ... Read More »

Al Ahlia Insurance to offer 9.3% dividend yield


MUSCAT: Al Ahlia Insurance, which floated its OMR7.5 million Initial Public Offering (IPO) on July 4, aims to offer an attractive 9.3 per cent dividend yield for the first four years. The first dividend of 11 baisas is expected to be paid by the company in August-September, 2017, with semi-annual dividend distributions thereafter. The company’s 25 million share offer (which ... Read More »

Oman crude oil, condensates production above 29m barrels in June, 2017


MUSCAT: The Sultanate’s total crude oil and condensates production during June 2017 stood at 29,055,300 barrels, a daily average by 968,510 barrels, according to the monthly report published by the Ministry of Oil and Gas. The total quantity of crude oil exported abroad during June, 2017 stood at 24,144,243 barrels, a daily average of 804,808 barrels, comprising a growth of ... Read More »

Iran, Oman agree to boost ties amid Gulf crisis


TEHRAN: Iran and Oman have agreed to work on boosting bilateral ties as a diplomatic crisis persists in the Gulf. “Iran and Oman have for years had fraternal relations and the best must be made of these good relations to reinforce them,” Iranian President Hassan Rouhani said as he met Oman’s foreign minister late on Wednesday. The Iranian government’s website ... Read More »

Oil rises above $48 as US fuel inventories fall


MUSCAT: Oil rose above $48 a barrel on Wednesday in response to a fall in US fuel inventories and a cut in the US government’s forecast for crude output next year which raised hopes that a supply glut is easing. US crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than ... Read More »

Oman lifts poultry import ban from several countries


MUSCAT: Oman has lifted the ban on import of poultry and poultry products from several countries. Oman had introduced restrictions in the aftermath of an outbreak of Highly Pathogenic Avian Influenza (HPAI) virus in many European countries and a few Indian states in November-December 2016. The Ministry of Agriculture and Fisheries issued a decision (No 159/2017) on July 2, lifting ... Read More »

Al Maha Petroleum bags OMR91m contracts from Raeco, Mwasalat


MUSCAT: Al Maha Petroleum Products Marketing Company has bagged two contracts valued at OMR91 million for supplying gas oil to Rural Areas Electricity Company (Raeco) and to build and operate a new fuel station for national transport company Mwasalat at its headquarters. The first contract, valued at OMR73 million, is for supplying 380 million litres of gas oil to Raeco ... Read More »

Key agreement signed to develop Ras Markaz crude oil storage terminal


MUSCAT: The Special Economic Zone Authority at Duqm (Sezad) has granted Oman Tank Terminal Company (OTTCO) a usufruct right to construct Ras Markaz crude oil storage terminal. OTTCO is one of Oman Oil Company’s subsidiaries, the investment arm for the Sultanate of Oman in the field of oil and gas industry. The agreement was executed on behalf of Sezad by ... Read More »

Ooredoo Oman to issue consolidated group financial statement


MUSCAT: Ooredoo Oman has announced that from the second quarter of 2017 it will be issuing a consolidated group financial statement, combining its standalone financial statement and that of Duqm Data Centre SAOC (D2C) CRN 1222701, in which Ooredoo Oman has a 51 per cent shareholding. D2C is a joint venture with Navlink, OHI and the Ministry of Defence Pension ... Read More »

Investors expect overseas equities outshining US


MUSCAT: Even though a steady stream of money has flowed out of US stocks into overseas markets, investors expect European and emerging market equities to rise further, supported by expectations for economic growth and accommodative central bank policies. US fund investors put the most money into overseas equities since the second quarter in 2015, with more than half of the ... Read More »

Fuel prices for July announced in Oman


MUSCAT: Fuel prices for July have continued their downward trend from last month, the Ministry of Oil and Gas announced today. According to the latest prices released by the Ministry, M95 petrol will now cost 183 baisas per litre compared to 191 baisas a litre last month. M91 petrol will cost 175 baisas a litre compared to 180 baisas in ... Read More »