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Economy of Oman and business opportunities

Economy of Oman

Oman is a country in the Middle East. Current GDP per capita has expanded continuously in the past 50 years. It grew 339% in the 1960s reaching a peak growth of 1,370% in the 1970s scaling back to modest 13% growth in the 1980s and rising again to 34% in the 1990s.

Oman's economic performance improved significantly in 1999 due largely to the mid-year upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman liberalized its markets in an effort to accede to the World Trade Organization (WTO) and gained membership in 2000.

Oil was first discovered in the interior near Fahud in the western desert in 1964. Petroleum Development Oman (PDO) began production in August 1967. The Omani Government owns 60% of PDO, and foreign interests own 40% (Royal Dutch Shell owns 34%; the remaining 6% is owned by Compagnie Francaise des Petroles and Partex). In 1976, Oman's oil production rose to 366,000 barrels (58,000 m³) per day but declined gradually to about 285,000 barrels (45,000 m³) per day in late 1980 due to the depletion of recoverable reserves. From 1981 to 1986, Oman compensated for declining oil prices, by increasing production levels to 600,000 b/d. With the collapse of oil prices in 1986, however, revenues dropped dramatically. Production was cut back temporarily in coordination with the Organization of Petroleum Exporting Countries (OPEC), and production levels again reached 600,000 b/d by mid-1987, which helped increase revenues. By mid-2000, production had climbed to more than 900,000 b/d where they remain. Oman is not a member of OPEC.

Natural gas reserves, which will increasingly provide the fuel for power generation and desalination, stand at 18 trillion ft³ (510 km³). The Oman LNG processing plant located in Sur was opened in 2000, with production capacity of 6.6 million tons/YR, as well as unsubstantial gas liquids, including condensates.

Agriculture and fishing are the traditional way of life in Oman. Dates and limes, grown extensively in the Batinah coastal plain and the highlands, make up most of the country's agricultural exports. Coconut palms, wheat, and bananas also are grown, and cattle are raised in Dhofar. Other areas grow cereals and forage crops. Poultry production is steadily rising. Fish and shellfish exports totaled $34 million in 2000.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Oman"

Global Tenders has one of the largest database of international and national tenders/competitive bids, procurement news, project information, contract awards, related to Oman from all over the world..

This section contains economy and business opportunities and from Oman.
Oman Economy Omani Economy, business opportunities in Oman.
Summary:
Phadebas Honey Diastase Tablets
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
08 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Purchase of 4 trucks for Oman Post & Asyad express (Model 2024)
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
15 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Toners Suply
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
04 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Assessment - Coaching - Project Management For Future Readiness Programme
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
17 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Delivery Of Talent Labs For Future Readiness Programme
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
17 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Rehablitions And Treatment Of Road Damage In Salalah (Stage 2)
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
08 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Supply And Installation Of Concrete Curbs For The North Of November 18 Street In Salalah
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
11 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Supply And Installation Of Concrete Curbs For The South Of November 18 Street In Salalah
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
11 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Enterprise Risk Management Framework
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
28 Apr 2024
Posting Date:
27 Mar 2024
 
 
 
Summary:
Maintenance Project For The Theater Of The University Of Technology And Applied Sciences, Muscat Branch
Country:
Oman
 
Notice Type:
Tender Notice
Deadline:
05 May 2024
Posting Date:
27 Mar 2024