Oman’s Duqm development plans take shape MEED 9 April 2021 (Last Updated April 9th, 2021 10:43) The suspension of the planned Duqm Petrochemicals project in December last year appeared to be a setback for Oman s plan to establish Duqm as a major economic hub in the sultanate. The components of Oman’s most strategic project are coming to fruition. Credit: MEED. Share Article The suspension of the planned Duqm Petrochemicals project in December last year appeared to be a setback for Oman’s plan to establish Duqm as a major economic hub in the sultanate. However, Muscat has stayed the course and the billions of dollars that Omani state-owned companies have invested in building strategic industrial facilities at the Special Economic Zone at Duqm (Sezad) are yielding results.
Premium Content Will Oman Hit Its Lofty Oil Output Goals? By Simon Watkins - Jan 28, 2021, 3:00 PM CST Facing a budget deficit this year alone that may reach 18 per cent of GDP, according to S&P Global Ratings, and budget deficits averaging at least 15 per cent per year over the next five years, according to various analyst estimates, Oman’s economy is desperate to try to extricate itself from the financial hole dug for it by Saudi Arabia’s 2014-2016 and 2020 oil price wars. With a fiscal breakeven oil price of just over US$109 per barrel (pb) of Brent this year, according to the IMF, and over 80 per cent of its revenues still coming from the hydrocarbons sector, the Oman government stated last week that the Sultanate is planning to raise its crude production to up to 1.1 million barrels per day (bpd) when the current OPEC+ supply accord ends. However, this will be extremely difficult to do, forcing it into considering more extreme options.