Oman planning massive spend on oil projects

The recently completed Kauther Gas Plant in Oman.
[More Images]

RELATED ARTICLES: Oman announces OMR50.5m spend on eight projects | GE wins OMR115m deal for IWPP gas turbines in Oman | Oman Oil invites bids for US $500mn project

Oman is planning to spend a massive US$ 3.5 billion on oil projects over the next five years, according to an official from Oman’s finance ministry.

In an interview with Reuters, the spokesperson confirmed that the Sultanate wanted to boost oil output by as much 18%, and to generate cash for a large number of new infrastructure projects in the region.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

"We are targeting an average of a million barrels per day by 2015,” the official told the news service, “and we will be spending some $3.5bn in the next five years to achieve it.”

The Sultanate of Oman, which has previously outlined plans to diversify its economy and promote Omani and foreign private sector investment, currently produces as much as 850,000 barrels of oil per day and is continuing to pursue opportunities in the energy sector.

Its investment plans for this sector, which exist alongside those to develop its tourism industry, are expected to generate a massive amount of new business wins for GCC construction firms and energy specialists.

Currently, Oman has two major oil refineries, include the Sohar oil refinery, which began operation in 2007, and the Mina Al-Fahal refinery, which has been running since 1982.