Oman Oil Co is in talks with Occidental Petroleum Corporation (Oxy) to buy its assets in the sultanate, chief of the national oil investment company said on Tuesday.
The government has no intention to phase out or shelve any of its projects, but would adopt certain measures if crude oil prices continue to fall, according to a senior official at the Ministry of Finance.
The MSM30 index closed mildly higher on Tuesday, gaining 0.17 per cent at 6,912.70.
A number of Indian companies are looking for opportunities in Oman's booming infrastructure sector and to establish tie-ups with firms in the sultanate. This emerged out a business interaction meeting hosted by the Indian Embassy on Monday for a visiting business delegation.
The total value of Oman’s exports - including oil, non-oil and re-exports - fell 9.6 per cent to RO10bn during the first half of 2014, against RO11bn in the same period last year.
The sultanate participated in the fifth meeting of the ministerial committee of boards of GCC capital market regulators held in Kuwait.
In line with the government’s initiative to boost the small and medium enterprise (SME) sector in the sultanate, Sohar Islamic has announced another significant addition to its product portfolio – SME financing. This new product aims to provide a boost to entrepreneurs in Oman, while fully conforming to the precepts of Sharia’a law.
The recent decline in oil prices is not likely to challenge Oman’s economy in the short term due to the country’s strong external and government asset positions; but sluggish crude prices for longer periods could impact the sultanate’s budget balance, according to experts.