Search results

Oman's state energy company OQ signed an agreement with Saudi giant Sabic and Kuwait Petroleum International (KPI) in late December to develop a jointly-owned petrochemicals complex in the special economic zone at Duqm (Sezad).

The United Kingdom government said in December that it was hosting some 21 military personnel from the Gulf for liaison and engagement purposes.

A series of talks between Iranian and GCC officials have been held during December and early January in Gulf capitals, as well as on the sidelines of events in Jordan and Brazil, in moves that suggest Tehran is recalibrating its relations with neighbouring monarchies during a period of intense domestic tensions.

Saudi real estate company Dar Al-Arkan has signed an agreement with former United States president Donald Trump’s Trump Organisation to develop a resort close to the  Muscat.

Standard & Poor’s (S&P) has upgraded its sovereign rating of Oman for the second time this year, raising it from BB- to BB on 25 November. S&P had previously upgraded Oman from B+ to BB- in April.

Iran appears to have resumed its campaign of striking tankers in the Gulf of Oman, after the Bahrain-based US Naval Forces Central Command (Navcent) reported that the Pacific Zircon oil products tanker had been struck by an Iranian-made explosive drone off Fujairah, en route to Argentina.

The United States has approved a $385m sale of joint stand-off weapons to Oman. The package of 48 glide bombs for the Royal Air Force of Oman is being supplied by Raytheon Missiles and Defense Company.

Sohar International Bank announced a binding merger deal with HSBC Oman on 16 November. Sohar will take over HSBC Oman’s assets, with the latter’s shareholders paid in cash and Sohar shares.

Oman’s Sultan Haitham Bin Tariq Al-Said made a relatively rare trip within the region in October, travelling to Bahrain for talks with King Hamad Bin Isa Al-Khalifa. The two rulers witnessed the signing of several agreements, including ones on co-operation in security, transport, tourism, education and other areas.

UAE President Mohammed Bin Zayed Al-Nahyan (MBZ) paid a two-day visit to Muscat, where he met Oman's Sultan Haitham Bin Tariq Al-Said. In a joint statement afterwards, the leaders said they held "fruitful talks". One of the main developments was the revival of plans for a cross-border rail link.

Diplomat Sayyid Nizar Al-Julanda Majid Al-Said has been named as Oman’s new ambassador to Italy, replacing Ahmed Salim Mohammed Ba’Omar.

GSN Risk Grade – B3 Hydrocarbons windfall improves rating: Oman is expected to be among the region’s main beneficiaries from elevated oil prices in 2022-23. Along with reforms introduced on Sultan Haitham Bin Tariq Al-Said’s watch, this feeds into an improved economic outlook.

Oman’s Ministry of Energy and Minerals signed an exploration and production-sharing agreement on 16 September for onshore Block 11 with operator Shell (67.5% equity), TotalEnergies (22.5%) and state-owned OQ (10%).

Ammonia production has started at a facility developed by state-owned OQ in Oman's Dhofar.  Asian markets are a key export target.

Sweden’s Maha Energy has sold a 35% stake in its exploration and production sharing agreement for onshore Block 70 to Oman's local Mafraq Energy.