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Oman will inject $77.92 billion in the next 5 years

Oman will inject $77.92 billion in the next 5 years to invest mainly in education, hospitals and roads

Reuters, Sunday 2 Jan 2011
Views: 1103
Views: 1103

Oman plans to spend 30 billion rials ($77.92 billion) in its new five-year economic plan to 2015, including about 6 billion rials ($15.5 billion) allocated to oil industry, Minister of National Economy Ahmed Abdul Nabi Macki  said on Sunday.

The Majority of budget plan which runs 2011 to 2015 will be dedicated to roads, hospitals and education.

We are expecting to spend 30 billion rials ($77.92 billion) with an increase of 113 per cent comparing to the last five year plan, added Macki.

The plan expects that the production of Omani Oil will attain 897 thousand barrels per day.

Oman`s oil production reached 875 thousand barrels per day in the end of November, Oman Minister of National Economy said last month.

Oman is considered as a small producer of oil and not member of OPEC but its crude is used as the basis for the pricing of about 12 million barrels per day of crude exports to Asia.

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