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Observer
an hour ago
- Observer
Public debt decreases to RO 14.1 bn by the end of Q2 2025
MUSCAT: Public debt of the Sultanate of Oman decreased by the end of Q2 2025 to reach RO 14.1 billion compared to RO 14.4 billion by the end of the corresponding period in 2024. By the end of Q2 2025, the Ministry of Finance had paid over RO 749 million to the private sector, received through the financial system with complete documentation. This reflects the ministry's commitment to settling fully documented private sector dues within an average of five working days. Public revenue by the end of Q2 2025 totalled RO 5,839 million, reflecting a 6% decrease from RO 6,197 million recorded during the same quarter of 2024. The decline is largely due to a fall in hydrocarbon revenue. Furthermore, net oil revenue amounted to RO 3,018 million as of the end of Q2 2025, representing a 10% decrease from RO 3,362 million collected during the same quarter of 2024, due to lower average oil prices and production. Net gas revenue reached RO 884 million as of the end of Q2 2025, reflecting a 6% decline from RO 943 million recorded in the same quarter of 2024. Development expenditure of the ministries and government units reached RO 688 million as of the end of Q2 2025 Meanwhile, current revenue totalled RO 1,928 million as of the end of Q2 2025, indicating a 2% increase, from RO 1,882 million collected during the same quarter in 2024. By the end of Q2 2025, public spending totalled RO 6,098 million, marking a 5% increase, i.e., RO 292 million, from RO 5,806 million recorded during the same quarter of 2024. This growth is primarily attributed to increased development expenditure compared to the same period in 2024. Current expenditure amounted to RO 4,118 million as of the end of Q2 2025, reflecting a 1% decrease, i.e., RO 53 million, from RO 4,065 million reported during the same quarter of 2024. Development expenditure of the ministries and government units reached RO 688 million as of the end of Q2 2025, representing 76% of total development expenditure, i.e., RO 900 million, allocated for 2025, driven by the accelerated pace of work on ongoing development projects. Contributions and other expenses totalled RO 1,161 million as of the end of Q2 2025, indicating a 7% increase, i.e., RO 73 million, from RO 1,088 million recorded in the same quarter of 2024. Subsidy allocations included RO 339 million to the electricity sector, RO 289 million to the social protection system, and RO 44 million for oil products. Furthermore, RO 200 million was transferred to the future debt obligations budget item. — ONA
Observer
an hour ago
- Observer
Qatari Labour Ministry delegation reviews Oman's trade union system
MUSCAT: Nabhan Ahmed al Battashi, Chairman of the Board of Directors of the General Federation of Oman Workers (GFOW), along with federation specialists, received a delegation from Qatar's Ministry of Labour. The delegation was headed by Hamad Faraj Dalmuq, Assistant Under- Secretary for Expatriate Labour Affairs and Khamis Mohammed al Nuaimi, Assistant Under-Secretary for National Workforce Affairs in the Private Sector. The visit aimed to review Oman's trade union framework and national labour regulations, as well as the GFOW's mandates in key areas. These include organising trade union representation for workers, providing legal support and advocacy for labour claims while explaining relevant procedures and exploring the GFOW's local and international partnerships to improve workers' conditions. During the visit, two presentations were delivered. The first provided an overview of Oman's trade union structures, covering the GFOW, sectoral unions and trade unions. It highlighted 2024 training programmes and awareness campaigns, along with the distribution of unions across governorates and economic sectors. The presentation also addressed women's roles in trade union structures, the GFOW's complaint-handling mechanisms, key updates to Oman's Labour Law and Social Protection Law; and the GFOW's contributions through its memberships in local and international councils. Recent cooperation agreements aimed at improving workers' socio-economic conditions were also discussed. The second presentation focused on several key aspects, particularly the right to unionise in Oman and the legal framework for trade union work. This included laws established by Royal Decree, ministerial decisions and statutes governing the GFOW and sectoral unions and trade unions. The presentation also covered the mandates of various trade union structures and highlighted workers' legal right to peaceful strikes under Oman's Labour Law and its regulatory conditions.
Observer
an hour ago
- Observer
New Oman green iron project eyes mid-2026 FID
MUSCAT: Underscoring its keen interest in setting up a major green iron project in Oman, Singapore-headquartered Meranti Green Steel (MGS) has set its sights on a mid-2026 target for a Final Investment Decision (FID), paving the way for the project's full-scale development. The facility, featuring a 2.5 million tonnes per annum (mtpa) Hot Briquetted Iron (HBI) plant in its first phase, is proposed to be established at the Special Economic Zone at Duqm (SEZAD). Initially, the project will be powered by a calibrated mix of natural gas and green hydrogen, with the hydrogen share to be ramped up progressively in order to achieve lower-carbon green steel production. In a series of posts this week, Meranti confirmed steady progress on the Duqm project. 'The company plans to make a Final Investment Decision (FID) for the Duqm project by mid-2026, with construction to follow immediately thereafter. 'Commissioning of the facility is scheduled for mid-2029,' it stated. Meranti added: 'Our focus will be on utilising a natural gas/green hydrogen mix in line with Oman's Energy Transition Plan. 'Over time, we will use up to 85% green hydrogen in our processes, reducing CO₂ emissions per ton of steel to below 200kg. 'Discussions with potential green hydrogen suppliers are already underway.' Consistent with its strategy to decouple iron production from steelmaking, part of the low-carbon HBI output from Duqm will be shipped to a proposed green steel mill currently under early development in Rayong, Thailand. That project, with a capacity of 2.5 mtpa, is slated to become the first green flat steel plant in Southeast Asia. The balance of HBI output is intended for European offtakers. Commissioning of the Duqm project is scheduled for mid-2029 Sebastian Langendorf CEO of Meranti Green Steel. Sebastian Langendorf, CEO of Meranti Green Steel, said current market conditions make it logical to decouple iron production from steelmaking. Cost-competitive HBI production can be pursued where natural gas and hydrogen conditions are favourable, while electric arc furnace (EAF)-based steelmaking and downstream processing can be located in or closer to end markets, he noted in an interview with German steel magazine MBI Stahl Monitor. Emphasising the significance of its Duqm investment to its broader strategy, Meranti stated: 'The Oman green iron project plays a pivotal role in Meranti's integrated green steel value chain, supplying sustainable materials for our Thailand steel plant and meeting the growing demand for HBI in Europe. The Oman project will help Meranti achieve its goal of becoming a leader in green steel.' Oman, it further noted, is a 'perfect location for this project due to its competitive energy resources, including cost-effective natural gas and a rapidly advancing green hydrogen ecosystem.' 'The Special Economic Zone at Duqm provides a robust infrastructure for the plant, with industrial land, deep-water port access, and efficient regulatory frameworks that enable fast-track development and global distribution. 'Oman's location also facilitates cost-effective shipping to Meranti's steel plant in Thailand and to European offtakers seeking low-emission HBI, thereby reducing logistics costs and emissions,' the company added.
