The Ministry stated that Energy Development Oman is a 100% state-owned company, and its establishment comes to achieve a set of government goals by following international practices to manage the state’s assets and wealth in the oil and gas sector, according to the official Oman News Agency.
The ministry indicated that the company will be concerned with receiving oil and gas revenues, paying the annual capital and operating costs of production, working on developing and expanding the sector and pumping more investments to enhance the financial and economic returns of the state and thus excluding oil and gas expenditures for Petroleum Development Oman from the state budget, which will enable the company Enjoying financial independence and the ability to finance its economically feasible development projects to reflect the true value of this sector, which will have a positive impact on the financial performance indicators of the Sultanate, as well as its positive impact in supporting Petroleum Development Oman in implementing investment projects without relying on the state’s general budget.
It is expected that the company will work to raise the efficiency of sector management and support government plans towards reducing costs and increasing the volume of economic activity and the added local value of oil activities.
Nominations
The Omani State Council refers the draft budget to the cabinet
Capital Intelligence confirms its evaluation of Al Ahly’s Oman assets with a negative outlook
These were the details of the news Establishment of “Energy Development Oman” company to own and manage oil... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
