Higher Oil Revenues Fuel Extra Oman Development Projects
Helped by higher oil prices, Oman spent 80 million riyals ($208 million) more on development projects in the first five months of this year than in last year's corresponding period, reported the Gulf News on Thursday.
"Most of the proceeds resulting from the increase in oil prices during the period under consideration have been directed to the sectors that directly meet the basic needs of the citizens," said Ahmed bin Abdulnabi Macki, minister of national economy.
“It has been possible to implement in 2000 some of the projects allocated for the years 1998 and 1999, which were postponed because of the drop in oil prices during these two years,” the minister said.
He added that the extra revenues pumped into housing, roads, water, health and education, were in addition to the projects already approved in the 2000 development budget.
Oman's 1999 budget was based on $9 per barrel in the face of falling prices, and the next one on $14.5 per barrel.
"Oman's average oil price between January and May this year was $23.9 per barrel," said Macki – Albawaba.com
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