Iranian power firms affiliated with the Iranian Ministry of Energy are keen on the idea of entering the Sultanate of Oman's power sector.
Fuelled by strong participation between the two nations in the field of energy, several Iranian corporations have already commenced promotion in Oman.
The Republic of Iran's potential participation in Oman's power and water sector was discussed during a recent session of the Joint Commission of Oman and Iran.
Iranian exports of electrical equipment, engineering services and electrical energy sales to other countries hit $65 million last year and the current plan is to achieve $80 million, Oman Observer reported.
Moshanir Power Engineers, an Iranian energy company is seeking to penetrate Oman's market in the realms of consultancy services, and power transmission. A company source conveyed that Iranian companies are set to play a major role in some of the largest power projects in the Middle East.
Sanir Power Company, another major player in the Iranian power sector, reportedly consummated contracts for building 22 sub-stations, and is involved in the construction of several overseas power plants. Iranian companies are also engaged in rebuilding some of the damaged power projects in Lebanon.
The Iranian and Omani governments recently agreed to jointly develop an offshore gas discovery straddling their maritime boundary at the entrance to the Gulf, the Middle East Economic Survey (MEES) specialist weekly reported. Oman's Trade and Industry Ministry reported that the two countries' bilateral trade volume hit $160 million in 1999, $40 million of which were the Iranian exports to Oman.
Meanwhile, to expand trade between the two nations, Oman plans to establish a trade office in Bandar Abbas, Hormuzgan Province, where 90 percent of Iranian exports to Oman originate.
Iran's exports to the Sultanate have dramatically increased over the past five years, jumping from $9.36 million in 1994 to $40 million in 1999. Oman, however, enjoyed a balance-of-trade surplus of over 80 million in 1999. Transportation equipment, ironware, woodwork, decorative stones, handicrafts and livestock, constitute some of Iran's exports to Oman. –(Albawaba-MEBG)
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