MUSCAT: Musandam Power Company (MPC) SAOG, a subsidiary of OQ, has held its first AGM post its successful IPO and listing in MSM in December 2019. The 28 million shares IPO offering was comfortably oversubscribed with overall subscription of around 3.5 times last year.
Elaborating on the overall successful performance of the company in 2019, Ahmed Tufail al Rahman, Chairman of MPC said, “Excellent plant availability and higher power generation has led to a 9.2 per cent growth in the total revenues earned by the"...

Oman’s benchmark crude plunged 32 per cent to $33.30 a barrel at the close of trading on the Dubai Mercantile Exchange (DME) on Monday, mirroring a collapse in global oil benchmarks triggered by a potentially catastrophic oil war between heavyweights Russia and Saudi Arabia.
The marker price of the Oman Crude Oil Futures Contract (OQD) lost $15.70 per barrel in the steepest one-day fall it has witnessed since it made its debut as the flagship futures contract on the DME in June 2007. This compares with a marker"...

A’Namaa Poultry SAOC — the Sultanate’s largest poultry farming venture spearheaded by the Omani government in support of the nation’s food security objectives —has invited international developers to bid for a mandate to supply clean energy for its Ibri project through investments in a solar farm. Separately, the company is also investing in a bioenergy plant to generate electricity from the massive amounts of manure that will be produced by the poultry project
The initiatives are in line"...

MUSCAT, MAR 7 – The marker price of the Oman Crude Oil Future Contract slumped to $49 per barrel on the Dubai Mercantile Exchange (DME) on Friday, March 6, for May 2020 delivery, plummeting to its lowest level in nearly three years. Other global benchmarks too crashed on Friday as talks between Opec and Russia over a substantial cut in their production hit an impasse. Prices have remained volatile in recent weeks on global concerns over weak demand led by China, a dominant importer and consumer of crude, in the wake"...

Muscat: The Ministry of Commerce and Industry (MOCI) said that with 158 petrol filling stations by the end of 2019, Muscat Governorate topped the list in the Sultanate of Oman. It is followed by North al Batinah with 104 filling stations, Al Dakhiliya with 72, Dhofar governorate with 67 and South al Batinah governorate with 56 filling stations. There are 648 commercial filling stations in Oman at the end of 2019.

The number of filling stations in"...

Muscat -

With the aim of exploring new markets for the Omani industries, the Omani Products Exhibition (Opex 2020) kicked off on Saturday in Kigali, the capital of Rwanda, under the patronage of Soraya Hakuziyaremye, Rwanda’s Minister of Trade and Industry.

The event was attended by H E Eng Ahmed bin Hassan al Dheeb, Undersecretary in the Ministry of Commerce and"...

Global energy major Total is expected to take a final investment decision on its plans for an LNG bunkering hub at Sohar Port - the first such facility in the Middle East - before the end of this year, a report said.

The project will add considerable value to Oman’s gas sources, a senior executive of the energy giant was quoted as saying by an Oman Daily Observer"...

Muscat: Petroleum Development Oman (PDO) officially opened on February 27 the Samail Public Park and Wadi Sosa Water Dam in Bahla.

The Samail park was opened in an event held under the auspices of Majid Al Harthi, Wali of Samail. The park was funded by PDO as part of its effort to provide safe and suitable spaces for community gatherings and entertainment and will benefit more than 35,000 people.

It consists of green spaces, a children’s playground with recreational equipment and prayer rooms,"...

MUSCAT, FEB 29 – The developers of Oman’s first utility-scale solar project are preparing to bring the landmark scheme into operation. Amin Renewable Energy Company (AREC), a consortium led by the Marubeni Corporation, had been awarded a contract by Petroleum Development Oman (PDO) to develop, finance, operate and maintain a 105 MW solar PV plant at Amin in the latter’s oilfield concession in south Oman.
Last week, top officials of PDO led by Managing Director Raoul Restucci visited the sprawling solar"...

MUSCAT, FEB 29 – Oman crude fell below $50 per barrel for the first time in nearly three years in trend with other international benchmarks as global oil markets continue to be roiled by the spread of the deadly coronavirus (COVID-19). The Oman Crude Oil Futures Contract (OQD) slumped to $49.11 per barrel in trading on the Dubai Mercantile Exchange (DME) on Friday, which was down by $1.36 per barrel from the previous day’s marker price. The oil price benchmark has lost almost 30 per cent of its value from this"...