MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world9 hours ago
But Oman, a small non-Opec producer, is accelerating a campaign to diversify its economy and reduce dependence on its fluctuating oil income, National Economy Minister Ahmad bin Abdel Nabi Makki told the Times of Oman.
“The government’s priority is diversification of the domestic economy and creation of new job opportunities for citizens,” he said.
“We are committed to speed up economic diversification to boost foreign and local investment.”
Oman currently produces about 767,000 barrels per day, a drop from past levels, the newspaper said.
According to previously published figures, daily average production in 2003 was 819,500 barrels, down 8.7 per cent from 898,000 the year before.
However, the rise in oil prices not only filled the gap but brought about a windfall of profits last year, the Times of Oman said.
Oman crude realised an average price of $34.42 per barrel last year against the projected price of $21. The economy grew by 12.5 per cent as the government’s public finance account showed a surplus of 1.2 billion dollars in 2004.
Makki said the government was also committed to liberalisation and deregulation, and state-controlled concerns are increasingly being privatised.
Omantel, the Gulf sultanate’s sole telecom service provider, will join the list on May 24 when 30 per cent of its equity will be sold off.
The minister said Oman’s exports rose by 14 per cent in 2004 to more than $13.3 billion, while imports shot up 31 per cent to $8.5 billion.
Oil revenues, forecast at $4.2 billion, grew to $7.5 billion. This raised income to $10.8 billion from the projected $7.5 billion.
MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world9 hours ago
In the initial phase, the organisation will process 600 applications from individuals who meet the required conditions
visa and immigration in uae9 hours ago
Israeli forces carried out similar strikes in some other parts of the Hamas-run territory overnight, killing at least 10 people
mena10 hours ago
The suspect was believed to be the key figure behind the January 28 attack
mena10 hours ago
The total number of captives exchanged between the two countries in these mediations to 1994 prisoners
world10 hours ago
Both CCI reports said that during investigations Amazon and Flipkart 'deliberately downplayed' allegations of exclusive launches
tech11 hours ago
The makers released the show's trailer on Instagram on Saturday, giving fans a sneak peek at what's to come
entertainment11 hours ago
With airfares soaring and long waits to secure visas, 'seacations' are now becoming all the rage among travel enthusiasts
uae12 hours ago