Oman: the economy is dragged forward by the growth of the hydrocarbon sector

After the heavy decrease in its oil production experienced throughout the last years, the Oman Sultanate has launched a policy to diversify its national economy. Since its entry in the WTO in 2000, a series of legislative reforms have been started, which liberalize the market through the entrance of huge foreign capital particularly into the tourism sector. Yet the main crux remains the production and exportation of natural gas, particularly LNG (Liquefied Natural Gas). Through the realization of the “Seventh Five Year Development Plan (2006-2010)”, Oman aims at strengthening its economic power, increasing its volume of business through gas exportation and opening the market to new flows of foreign capital.

1148 Words

Marco Di Donato

(12 December 2007)