Oman economy on right track as revenues up in H1

MUSCAT — Oman economy is on the right track, with revenues for the half of 2012 at $19.1 billion, up from $14.1 billion for the corresponding period in 2011. Concurrently, total expenditures stood at nearly $20 billion almost double the amount for the first six months of 2011.

On the back of growing number of infrastructure and construction activities in Oman, the cement manufacturing companies are set for steady growth in the coming quarters.

The growth in construction segment has led to higher off-take of cement, which on the other hand, has helped the sector majors to register double digit growth in their revenues in the second half of 2012.

According to the June 2012 issue of BP Statistical Review of World Energy, the sultanate’s oil production amounted to 715,000 barrels per day (bpd) in 2007 only to increase to 891,000 bpd in 2011. — SG