Oman plans massive investments
The Omani Minister of Economy, Ahmed Macki has stated the Sultanate of Oman to spend OR30 billion (US$77.92 billion) in the new five-year economic plan, which includes the allocation of about OR6 billion for the oil sector. Maki said the bulk of the spending in the new plan, which runs from 2011 to 2015, would be directed to the sectors of roads, hospitals and education.
The plan forecasts an average oil production of 897,000 barrels per day. It should be mentioned that the Omani Oil Minister said last month that oil production reached 875,000 barrels per day at the end of November.
On his part, Macki said that the five-year plan is based on an average oil price of US$59 per barrel. He pointed out that the plan expects inflation to average 4%, pointing out that Oman's annual inflation rate hit 4.2% in October.