What benefits have arisen from the country’s in-country value (ICV) policies?
The uncertainties surrounding global oil production and price have done little to suppress interest in liquid bulk storage and hydrocarbons logistics projects in Oman. Across the sultanate hundreds of kilometres of pipeline are being laid, and new facilities for gas and oil storage and export are coming on-stream. At the same time, low oil...
As part of a broad series of austerity measures aimed at plugging the sultanate’s growing budget deficit, a joint council of the State Council and the Majlis Al Shura – both advisory bodies appointed by the sultan – voted on May 26, 2016 to increase the corporate tax rate on liquefied natural gas (LNG) firms from 15% to 55%. The new raft of...
Almost 50 years after the sultanate began shipping oil out of the port at Mina Al Fahal, the country’s economy remains closely tied to the fortunes of hydrocarbons. In 2015 oil and gas together accounted for 33.9% of GDP, 78.7% of government revenues and 59.4% of merchandise exports, according to the Central Bank of Oman.
Investments being made in refining infrastructure are leading to expanded capacity and production, raising questions about how to best make use of this growing resource. Up to three quarters of domestically refined petroleum products are currently used in the country, with a subsidy system that reinforces the market. However, with new capacity...
Almost 50 years after it began shipping oil out of the port at Mina Al Fahal, the sultanate’s economy remains closely tied to the fortunes of hydrocarbons, which in 2015 accounted for 33.9% of GDP, 78.7% of state revenues and 59.4% of goods exports. Although 2015 was challenging for the nation’s oil and gas sector, the government is expected to keep crude production near its current level of...
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