Category: ECONOMY

COMPANIES
BP Oman Khazzaan
Petrofac awarded $800mn contract for Khazzan gas project

Petrofac has been awarded a lump-sum contract worth approximately $800 million by BP for the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate. This follows the $1.4 billion Phase 1 CPF Khazzan project, awarded to Petrofac in February 2014, which celebrated first gas on September 22, […]

Banking & Finance
Bank Sohar Vision
Bank Sohar collaborates with Vision to offer insurance services

As part of its consistent efforts to provide a diverse bundle of products and services to customers across the Sultanate, Bank Sohar recently signed an agreement with leading Omani insurer Vision Insurance to offer motor, home and travel insurance, as part of its non-life insurance products under the Bank Sohar A’ Tameen Al Mumayaz brand. […]

ECONOMY
Bunkering in Duqm
Oman Oil launches fuel bunkering at Port of Duqm

Oman Oil Marketing Company has started its fuel bunkering operations by barge at Port of Duqm as part of its drive to expand ship-to-ship services in the Sultanate’s maritime logistics hubs. Developed in line with the most stringent international environment and marine safety fuel measures, the new services will play an integral role in the […]

ECONOMY
Omaran
Omran launches first hotel in Madinat Al Irfan

Omran, Oman’s tourism development company, has launched the first hotel within the Oman Convention & Exhibition Centre (OCEC) precinct. The highly anticipated Crowne Plaza Muscat OCEC has opened its doors, providing luxurious, convenient accommodation for business and leisure travellers, and boosting the MICE sector in the Sultanate. Situated in Madinat Al Irfan, the new urban […]

Banking & Finance
CBO
CBO launches automated clearing house payment system

The Central Bank of Oman (CBO) has announced launch of its redesigned Automated Clearing House (ACH) payment system on November 18, 2017, which marks the National Day of the Sultanate, thereby attaining one more milestone of providing a safe and secure electronic payments environment in the country. CBO has undertaken this initiative of implementing the […]

Banking & Finance
CBO
Omani banks achieve 5.7 per cent growth in credit

Omani banks, including Islamic institutions, achieved a year-on-year growth of 5.7 per cent in total credit at RO23bn by September-end this year. Credit to the private sector alone grew by 5.7 per cent to RO20.8bn as of the end of September 2017, the Central Bank of Oman (CBO) said in its latest monthly report. Of […]

COMPANIES
MSM
ACWA Power signs agreements for extending licence

ACWA Power Barka has signed three agreements with government entities to extend its licence until December 2021, the company said. These amendment agreements are for power and water purchase agreement, water purchase agreement for the second phase and natural gas supply agreement, which have been finalised with revised terms and conditions after negotiations with Oman […]

ECONOMY
IMGL1053
HH Sayyid Fatik inaugurates Renaissance Village Duqm  

The 16,960-bed facility will accommodate the workforces of contracting firms in the Duqm Special Economic Zone As part of the celebrations of Oman’s 47th National Day, Renaissance Services announced the opening of its highly-anticipated turnkey project – Renaissance Village Duqm, a 16,960-bed facility that will accommodate the workforces of contracting firms in the Duqm Special Economic […]

ECONOMY
Musandam gas plant
Musandam gas and power plants open

Musandam Gas Plant (MGP) and Musandam Power Company (MPC) were inaugurated under the patronage of His Highness Sayyid Mansoor bin Majid bin Taimur Al Said yesterday. The Musandam Gas Treatment and Power Plants are collectively worth more than OMR400 million. Oman Oil Company’s (OOC) wholly owned subsidiary, Oman Oil Company Exploration and Production LLC (OOCEP) […]

ECONOMY
PDO signs R&D agreement with Muscat University 
PDO signs R&D agreement with Muscat University 

Petroleum Development Oman (PDO) has signed a research and development agreement with Muscat University to help resolve some of its complex technical challenges. The collaboration deal will support PDO’s effort to boost In-Country Value by advancing academic and vocational development and increasing the share of the oil and gas industry’s wealth retained in Oman. The […]