
MSX Index Closes 0.36 per cent up
Trading value reached RO 23,483,011, a decrease of 32.1 per cent compared to the last trading session's value of RO 34,559,970.
A report issued by the MSX indicated that market capitalisation increased by 0.465 per cent compared to the last trading day, reaching approximately RO 29.31 billion.
The value of non-Omani purchases on the stock exchange amounted to RO 1,022,000, representing 4.35 per cent, while the value of non-Omani sales amounted to RO 1,211,000, representing 5.16 per cent. Net non-Omani investment decreased by RO 189,000, or 0.80 per cent. — ONA

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Observer
17 hours ago
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Najla Al Jamali appointed President BP Oman
MUSCAT: Global energy major BP has announced the appointment of Najla Zuhair al Jamali as President BP Oman. She joins BP from OQ where she served as Chief Executive, OQ Alternative Energy. Al Jamali started her global career as a reservoir engineer in Oman and brings over two decades of energy sector experience to BP. Her career spans upstream, downstream and commercial roles across companies including Shell, Schlumberger and Takamul Investment Company (as subsidiary of what was Oman Oil Company). al Jamali will be the first woman to serve in the role. Nader Zaki, BP's regional president Middle East and North Africa said: "I am very pleased to welcome Najla to our team as President of BP Oman. Her wealth of experience will greatly benefit us as we continue to support the growth of the energy sector in Oman. This is a historic milestone for BP as Najla is the first female Omani country manager for BP in the country. I would also like to thank Yousuf al Ojaili for his leadership and congratulate him on his retirement after a decade of excellence with our company and 39 years in the energy sector." Najla Zuhair al Jamali said: "I'm excited to join BP Oman working with the team to continue supply one third of Oman's gas and working with the Omani government and partners to explore potential for growing our operations in country." Najla Zuhair al Jamali will join BP in September where she will assume full roles and responsibilities after a transition period with Yousuf al Ojaili who retires at the end of 2025.


Observer
17 hours ago
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Latest OPEC+ production adjustment ‘sound and timely': Energy expert
MUSCAT: The recent decision by eight OPEC+ countries—including the Sultanate of Oman—to implement a 547,000 barrels per day (bpd) production adjustment has been described as 'sound' and 'timely' by a prominent Omani energy expert. Ali al Riyami, a former senior official at the Ministry of Energy and Minerals, praised the decision, noting it comes at a time of low global oil inventories, stable market conditions, and robust demand. Earlier this week, OPEC announced that the eight OPEC+ countries—which had previously declared voluntary output cuts in April and November 2023—had reconvened virtually to reaffirm their commitment to market stability. They based this decision on what the group described as 'healthy oil market fundamentals' and a 'steady global economic outlook.' Alongside Oman, the other countries participating in the latest output adjustment are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, and Algeria. 'In view of a steady global economic outlook and current healthy market fundamentals—as reflected in low oil inventories—and in line with the decision made on December 5, 2024, to gradually and flexibly phase out the 2.2 million bpd in voluntary cuts from April 1, 2025, the eight participating countries will implement a production adjustment of 547,000 bpd in September 2025, relative to the required August 2025 levels,' OPEC stated. 'This adjustment will occur in four monthly increments. The phase-out may be paused or reversed, depending on evolving market conditions. This flexibility allows the group to continue supporting oil market stability,' the organization added. For Oman, the required production level has been set at 801,000 bpd for September 2025. OPEC also confirmed that the eight countries have pledged to fully compensate for any excess production since January 2024. The group will reconvene on September 7, 2025. Commenting further on the adjustment, al Riyami told Al Arabiya Business: 'The timing was very appropriate, especially with the summer travel and tourism season underway. The market conditions—particularly the low inventories—also supported the decision. Accelerating the process of gradually restoring these volumes over about a year was a very sound move.' However, al Riyami cautioned that ongoing trade tensions, especially new US tariffs and sanctions on Russia and Iran, could cloud the outlook. While the market remains stable with strong demand and overall positive sentiment, uncertainty persists over whether India and China will continue purchasing oil from the sanctioned countries, he noted. Although not a formal OPEC member, Oman has long aligned itself with the organization's strategy through its active role in the OPEC+ alliance. The Sultanate has consistently supported output cut agreements aimed at stabilizing oil markets during periods of volatility, including during the COVID-19 pandemic and amid recent geopolitical disruptions.


Times of Oman
19 hours ago
- Times of Oman
Completion rate of water network project in Wadi Andam villages in Al-Mudhaibi reaches 93%
Al-Mudhaibi: The completion rate of the water network project in Wadi Andam villages in Al Mudhaibi, North A'Sharqiyah Governorate, implemented by Nama Water Services, has exceeded 93%, with a total cost of RO 3,668,000. Eng. Awad Khamis Al Shibli, Project Manager at Nama Water Services, stated that the Wadi Andam water network project includes expanding the existing Khadra Bani Dafaa pumping station in Al-Habat village and constructing three new fiberglass tanks, each with a capacity of 90 cubic meters. Additionally, two booster pumping stations will be built in Al-Washal and Al-Fulaij villages, along with water connections for nine villages in Wadi Andam, he added. He told Oman News Agency (ONA) that the pipeline extension for the two-year project spans about 102 kilometers. Excavation work has been completed for approximately 101 kilometers, with pipes laid over 99.35 kilometers, alongside backfilling operations. The entire project is expected to be completed in the third quarter of this year. Meanwhile, the second phase of the drinking water distribution network project continues in the wilayat, costing RO 15,132,000, with completion expected by 2027. This phase includes a 40 km transmission pipeline, a 217 km distribution network, 4,065 household connections, a pumping station, and an elevated tank. It is worth noting that Nama Water Services is preparing to launch a water network project in the wilayat of Damaa and Al-Ta'eeen. The 36-month project will include a 77.85 km water transmission pipeline between Al-Jarda in Al-Mudhaibi and Mahlah in Damaa and Al-Ta'eeen, along with seven distribution tanks with storage capacities ranging between 3,000 and 10,000 cubic meters, in addition to two pumping stations in Al-Jarda and Al-Rahba areas.