Energy Oman seeks to upgrade gas pipeline to transport hydrogen Oman will repurpose its gas pipeline system to transport green hydrogen, the Oman Daily Observer reported, citing OQ Gas Networks managing director Mansoor Ali Al Abdali. The aim is to quickly tap the significant business and growth opportunities when green hydrogen projects materialise in the Gulf state. OQ Gas Networks, the monopoly operator of the […] September 21, 2022
Tourism Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
Energy Omani energy firm sees $4bn windfall on rising oil price Petroleum Development Oman’s (PDO) oil and gas operations made a windfall of $14.5 billion in 2021, compared to the targeted $10.5 billion, the Oman Daily Observer reported, citing managing director Steve Phimister. Buoyant international energy prices drove the higher cash flow. Combined oil, gas and condensate production averaged 1.223 million barrels of oil equivalent per […] September 19, 2022
Energy France’s TotalEnergies in gas exploration deal with Oman French major TotalEnergies said in a statement on Friday it had signed a natural gas exploration and production sharing agreement with the Oman energy ministry. The deal concerns an area called onshore Block 11, with a first exploration well to be drilled in 2023. TotalEnergies will hold a 22.5 percent interest in the block, OQ […] September 18, 2022
Energy Oman’s OQ picks banks for $800m gas pipelines unit IPO Oman energy investment firm OQ SAOC has selected Bank of America Corp. and Bank Muscat as advisors for the initial public offering (IPO) of its gas pipelines unit, Bloomberg reported, citing people familiar with the matter. The listing of OQ Gas Network is likely to raise nearly $800 million, sources said, adding the possibility of […] September 16, 2022
Energy Oman signs deal with Petrofac to develop green hydrogen UK-based energy services provider Petrofac has signed a memorandum of understanding (MOU) with Oman Hydrogen Centre to collaborate in developing capabilities for Oman’s renewable energy sector, particularly in green hydrogen. Located at the German University of Technology, the centre will accelerate the Gulf state’s transition to renewable energy. It will also be an international hub […] September 15, 2022
Oman to set up space research and settlement centre Oman’s Public Authority for Special Economic and Free Zones (OPAZ) has signed an agreement with Global Space and Technology Company to establish a space settlement centre for research, scientific and practical experiments, Oman News Agency reported. The centre will simulate astronauts’ conditions and conduct research on advanced technology and artificial intelligence over an area of […] September 14, 2022
Markets Omani bourse eyes FTSE and MSCI emerging market status The Muscat Stock Exchange (MSX) is working on upgrading to the ‘Emerging Market’ stock exchange status as part of a five-year strategy to go private in five years through a listing, the Oman Daily Observer reported, citing CEO Haitham Al Salmi. He added that the bourse is currently focusing on reclassifying the market to enter […] September 13, 2022
Manufacturing Oman’s copper-gold project to be commissioned in April 2023 Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […] September 12, 2022
Economy Oman posts $2.65bn July budget surplus, as revenue rises 53% Oman’s general budget posted a surplus of OR 1.019 billion ($2.65 billion) by the end of July 202, compared to a deficit during the same period in 2021, state-owned Oman News Agency reported, citing a Ministry of Finance report. Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end due to an increase […] September 9, 2022
Economy Oman to open up new sectors as it targets $29bn investments New investment opportunities will be offered in food security, health, culture and sports sectors by next month, the Oman Daily Observer reported. The investment opportunities are part of the estimated OR 11 billion ($28.57 billion) in total investment, which is being offered to local and international players over the 2021-2025 period, said Aisha Al Saifi, […] September 7, 2022
Sustainability Omani firm to launch trading platform for recyclable wastes Oman’s solid waste services provider, Beeah, is working on a platform to facilitate auctions and trades in recyclable wastes, the Oman Daily Observer reported. The company, which is part of the state-owned Oman Investment Authority, said the initiative will help spur investments in recycling and value-adding ventures. The firm said the proposed trading platform will […] September 2, 2022
Markets Muscat-listed companies report 11% rise in Q2 profits to $468m Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report. Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with […] September 1, 2022
Energy Omani energy services provider eyes potential IPO Abraj Energy Services, an Omani state-owned oil and gas field services provider, is looking at launching an initial public offering (IPO), as the Sultanate looks to develop the revamped Muscat Stock Exchange (MSX). The company, which is a subsidiary of state investment vehicle OQ, said in a press statement it is “currently reviewing the possibility […] August 31, 2022
Economy Oman to generate $5bn from divestment plan in next five years State-owned Oman Investment Authority’s (OIA) recently unveiled divestment plan is likely to generate around OR1.9 billion ($5 billion) over the next five years, Oman Daily Observer reported. Officials shared the divestment plan details at an investment forum held recently in London, UK. The primary sector to be privatised is oil and gas, with total expected […] August 31, 2022
Banking & Finance Oman’s Islamic banking assets rise 9.6% to $16.1bn Total assets of Islamic banks and windows operating in Oman jumped by 9.6 percent year-on-year to OR 6.2 billion ($16.1 billion) in June 2022, Muscat Daily reported, citing Central Bank of Oman data. Islamic banking assets account for 15.9 percent of the country’s total banking system assets. An Islamic ‘window’ when a conventional financial institution […] August 30, 2022
Economy Oman to offer tax waivers and incentives in renewable push Oman is studying offering tax waivers and other incentives to attract investments and localised manufacturing opportunities across the value chain of the new “green energy” industry, according to a local media report. Some of the proposed incentives were recently shared by a high-level delegation representing a key forum held in London, UK, Oman Daily Observer […] August 29, 2022
Economy Oman registers nearly 50% surge in SMEs on support, incentives The number of small and medium-sized enterprises (SMEs) rose by 46.8 percent to reach 81,460 at the end of July 2022 year-on-year, the Times of Oman reported, citing the National Centre for Statistics and Information’s data. The current year has seen an increase in the registration of SMEs with the Authority for Small and Medium […] August 28, 2022
Analysis Economy How Oman got its budget back into the black Oman’s economic outlook looks rosier now than policymakers might have dared to expect just a few months ago – having registered a rare budget surplus in the first half of 2022. Data from the Ministry of Finance revealed a OMR784 million ($2 billion) fiscal surplus, compared to an OMR457m deficit in the same period in […] August 25, 2022
Energy Oman puts partial privatisation of power distribution firm on hold The proposed partial privatisation of Oman’s power distribution provider, Muscat Electricity Distribution Company (MEDC), is currently on hold pending a review of options for the broader restructuring of the country’s distribution companies, according to a local media report. The decision to hold the intended privatisation came from the Authority for Public Services Regulation, Hamdan Al […] August 24, 2022
Energy Oman plans to allocate huge land in Dhofar for ‘green’ investors Oman’s Ministry of Housing and Urban Planning is seeking approvals for an estimated 450 million square metres of land in Dhofar governorate for renewables and green hydrogen projects. The process is being facilitated in coordination with several concerned ministries and government agencies, Sultan Al Ghafri, director general of the Ministry of Housing and Urban Planning […] August 22, 2022
Economy Oman appoints UK investment attaché as part of new initiative Oman’s government plans to appoint commercial and investment attachés to a number of its embassies around the world, according to a local media report. The move is designed to enhance the country’s investment infrastructure, Oman Daily Observer reported, citing Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. At the forum in […] August 21, 2022