Employment OQEP deals are part of Omani job creation drive Oman’s OQ Exploration and Production (OQEP) has signed four contracts worth $53 million with local companies to help create jobs for Omani nationals. The contracts include oil field operations, construction facility and rig drilling, as part of OQEP’s in-country value (ICV) programme. “These agreements not only create new business opportunities for Omani enterprises but also […] May 14, 2025
Trade Why Oman is off Trump’s travel plans Oman may have negotiated a ceasefire between the US and Yemen’s Houthis, and is the go-between the US and Iran in negotiations around nuclear weapons capability. But it is not among the countries President Donald Trump is visiting in the Arabian Gulf this week. “These Gulf countries Trump is currently visiting are offering trillions of […] May 14, 2025
Real Estate Commercial oversupply may explain drop in Oman property sales Oversupply in commercial properties may underpin a decline in the value of real estate transactions in Oman in the first quarter, according to one real estate agent. The value of real estate transactions in the country declined by 2.5 percent to OR573 million ($1.5 billion) in the three months to March 31, compared with the […] May 13, 2025
Renewable Energy Oman Centre for Net Zero signs agreements worth $2bn Oman’s energy major OQ has formed a new company called Oman Centre for Net Zero and signed 13 separate renewable-energy agreements worth $2 billion. The agreements were signed during the three-day events of Oman Sustainable Week 2025 Exhibition in Muscat by OQ Group’s CEO Ashra al Mamari and Najla al Jamali, CEO of OQ Alternative […] May 13, 2025
Trade Oman invests $200m in port to bolster re-export business Oman is expanding one of its smallest ports located in the northern town of Shinas, in an attempt to bolster the sultanate’s re-export business and container connectivity. The project, which is expected to start in the third quarter of this year, will increase its area by 40 percent to 1.8 million square metres, according to […] May 12, 2025
Petrochemicals Oman’s largest chemical plant to start production next year The first phase of a $300 million polymer project in Oman’s Sohar Port will be launched in the first quarter of next year. The plant will be operated by ZL EOR Chemicals, a Canada-based specialist in enhanced oil recovery projects. The facility’s capacity will reach 350,000 tonnes per annum on completion, placing it among the […] May 12, 2025
Banking and Finance Profit falls as staffing costs rise at Oman’s Sohar bank Sohar International Bank, Oman’s second-biggest bank by assets, reported a decline in first-quarter profit on lower net interest income and higher staffing costs. The bank registered a net profit of OR21.5 million ($56 million) in the three months to March 31, a decline of 15 percent over the same period last year. “Compared to the […] May 9, 2025
Oil & Gas Oman’s Abraj gets $36m BP gas drilling contract BP Exploration has awarded Abraj Energy Services a $32 million contract to drill for gas in Oman’s Khazzan field, reinforcing the sultanate’s upstream ambitions amid continued investment in its energy sector. The three-year contract, disclosed in a filing to the Muscat Stock Exchange (MSX), covers drilling operations on Block 61, a tight gas project in […] May 8, 2025
Oil & Gas Oil profit fall at Oman’s OQ suggests bigger decline in Q2 Oman’s state-owned energy group OQ, which produces about a quarter of the country’s oil, reported a decline in first-quarter profit on the back of a fall in the price of crude. Net profit in the three months to March 31 fell 9 percent to $194 million over the same period last year, the company said […] May 8, 2025
Analysis Employment Oman steps up efforts to curb rising unemployment The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […] May 7, 2025
Banking and Finance Oman’s $83m treasury bonds snapped up by investors Yield hungry investors have snapped up OR32 million ($83 million) in short-term Omani treasury bills. The Central Bank of Oman (CBO) auctioned the six-month T-bills on Wednesday offering a coupon of 5 percent. The CBO said the offer was oversubscribed by more than 10 times. Analysts said the rates on offer through the treasury bills […] May 6, 2025
Economy Omani fund to invest $300m in Algeria’s economy Oman and Algeria have signed an agreement to create a joint venture oilfield services company in the North African country, according to local media. The agreement was signed on Monday. Algeria’s state oil operator, Sonatrach, signed the agreement with Abraj Energy Services, a wholly owned subsidiary of Oman’s global integrated energy group OQ, during sultan of […] May 6, 2025
Renewable Energy Oman petrol stations must install solar and EV charging Oman has toughened rules around licensing new petrol stations, telling operators to install solar power and provide electric vehicle charging points and other facilities. The Ministry of Commerce, Industry and Investment Promotion has said it will not issue licences for new petrol pumps unless they fulfil requirements which include the provision of fuel, suitable pumps […] May 6, 2025
Oil & Gas Higher oil prices wipe out Oman’s 2024 budget deficit Higher-than-budgeted oil prices wiped out Oman’s OR640 million ($1.7 billion) deficit for 2024, according to the finance minister, although the IMF has warned that the Gulf state still faces economic challenges. Oman posted a surplus of $1.4 billion last year as it sold oil at an average price of $82 per barrel, a third higher […] May 5, 2025
Oil & Gas Oman strikes LNG deal with Mexico’s Amigo Oman has signed a 15-year agreement with Mexico’s Amigo LNG to secure liquefied natural gas (LNG) as part of its strategy to diversfy its clean energy sources. Under the agreement, the government-backed OQ Trading will purchase 0.6 million tonnes per annum (mtpa) of LNG from Amigo’s export terminal in Guaymas, Mexico. Amigo LNG is a subsidiary […] May 5, 2025
Oil & Gas Oman launches LNG project for clean marine fuel Oman has begun construction of a liquefied natural gas (LNG) project in the northern port of Sohar, which its sponsors say is one of the lowest emission plants in the world. TotalEnergies of France holds an 80 percent stake in the $1.6 billion Marsa scheme while OQ Exploration & Production has the remaining 20 percent, […] May 2, 2025
Analysis Trade Oman’s tile law could set pattern for the GCC Oman plans to implement anti-dumping measures on ceramic tile imports from China and India, saying the materials that are widely used in the building industry are being sold at below-cost prices. This comes amid a global debate around the impact of increased US import tariffs on China, the world’s biggest manufacturer, and whether the tax […] May 2, 2025
Logistics Oman to invest $260m in logistics to spur growth Oman is expanding its logistics sector with a series of projects this year worth $260 million to improve its facilities and spur growth in the GCC’s second-smallest economy by GDP. The government-led plan was made public this week to mark Oman 2025 Logistics Day. The investment will mainly go into developing free trade zones, airports […] May 2, 2025
Analysis Markets Local investors show strong interest in Oman bond issue A lack of alternative investment choices has helped to swell domestic demand for Omani sovereign bonds, with the sultanate’s latest issuance significantly oversubscribed. Oman issued OR100 million of bonds on Thursday, the second of 10 rial-denominated bond and sukuk sales planned for 2025. These will range from OR50 million to OR100 million and will total […] May 1, 2025
Renewable Energy Chinese company to build solar plant in Oman freezone Oman has signed a deal with a Chinese company to develop a sizeable solar power plant in the north of the country. It is the latest in a series of green energy initiatives as the sultanate aims to diversify from fossil fuels and power green hydrogen ambitions. The $564 million solar farm will be wholly […] April 30, 2025
