
Oman: OQGN awards $272mln gas pipeline contract
MUSCAT - OQ Gas Networks SAOG (OQGN), the owner and operator of Oman's gas transportation system, has announced the award of a contract worth RO 105 million for the implementation of the Second Loop Line Fahud-Suhar project – a key initiative to boost the country's gas supply network.
In a filing to the Omani bourse on Wednesday, June 18, 2025, OQGN – part of OQ Group – said the contract, covering the engineering, procurement and construction (EPC) of the 193km 42-inch pipeline project, was awarded to the Petroleum Projects Company Petrojet and Partners LLC.
Also as part of the project execution strategy, a related contract for the supply of 193 kilometers of line pipe was awarded to Jindal Saw Limited. The planned execution duration of the project is 24 months.
'The project aligns with the company's growth strategy and vision in leading the energy infrastructure,' OQGN added.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arabian Business
3 hours ago
- Arabian Business
Oman announces holiday for public and private sectors
Oman has announced an official holiday for public and private sectors at the end of this month. Sunday, June 29 has been announced as an official holiday for employees of the public and private sectors on the occasion of the new Hijri year 1447 AH. With Friday and Saturday being a typical weekend for many in the country, it means a three-day break, with workers able to rest from June 27 to 29. Oman announces Islamic New Year holiday The Ministry of Labour pointed out that employers may agree on terms to engage employees on the said holiday—if deemed necessary due to the nature of their work—provided they compensate the workers for the holiday.


Zawya
5 hours ago
- Zawya
World Bank expects 4.9% growth for UAE economy in 2026, 2027
The World Bank has projected that the UAE's economic growth will continue on an upward trajectory, reaching 4.6 percent in 2025 and stabilising at 4.9 percent during 2026 and 2027. The World Bank confirmed that the UAE's non-oil sectors continue to play a key role as a main driver of growth, with an expected growth rate of 4.9 percent in 2025. According to the latest edition of the Gulf Economic Update (GEU) issued by the World Bank, which is based on information available as of 1st June, economic growth in the GCC countries is expected to rise in the medium term, reaching 3.2 percent in 2025 and 4.5 percent in 2026. According to the World Bank, strong expansion in non-oil sectors is contributing to the growth achieved by Gulf economies. According to the latest edition of the GEU, the region witnessed notable economic growth of 1.7 percent in 2024, compared to 0.3 percent in 2023. The report noted that the non-oil sector continued to demonstrate its resilience, with a 3.7 percent increase. This growth was significantly driven by private consumption, investment, and structural reforms implemented in GCC countries. In Bahrain, growth is expected to stabilise at 3.5 percent in 2025, while economic growth in Kuwait is expected to recover significantly and reach 2.2 percent in 2025. Growth in the Sultanate of Oman is expected to gradually accelerate to 3 percent in 2025, compared to 1.7 percent in 2024, 3.7 percent in 2026, and 4 percent in 2027. The report expects economic growth in Qatar to remain stable at 2.4 percent in 2025, compared to 2.6 percent in 2024, before accelerating to an average of 6.5 percent in 2026–2027. In the Kingdom of Saudi Arabia, the World Bank report expects economic growth to continue recovering to 2.8 percent in 2025 and reach an average of 4.6 percent in 2026–2027. The World Bank report also highlighted the challenges associated with uncertainty surrounding global trade, noting that the risk of a global economic slowdown continues to negatively impact the region. It recommended accelerating reforms aimed at diversifying economic activity and enhancing regional trade to mitigate these risks in GCC countries. Safaa El Tayeb El-Kogali, Division Director for the GCC countries at the World Bank, said 'The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity.' She added, ""Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability." The report titled "Smart Spending, Stronger Outcomes: Fiscal Policy for a Thriving GCC', discusses the effectiveness of fiscal policy in ensuring macroeconomic stabilization and encouraging growth. The topic is particularly relevant as oil price fluctuations strain budget balances in several countries across the region. The report finds that government spending in the GCC region has effectively stabilized economies, especially during recessionary episodes. The findings show that a 1-unit increase in fiscal spending can boost non-hydrocarbon output by 0.1-0.45 units in the region.


Zawya
8 hours ago
- Zawya
Gulf capital raising set to surge as global investors seek diversification amid volatility
Over 300 global institutional investors met with more than 100 Middle East corporates and all seven bourses from the Gulf Cooperation Council (GCC) at HSBC's GCC Exchange Conference in London this week. The event comes as tariff uncertainty reshapes capital flows, with global investors increasingly turning to the Gulf for stable yield, reform-driven growth and maturing capital markets. Now in its fourth year, conversations at the conference focused on the increasing appeal of the GCC as the region continues to register record IPO pipelines, deepen sovereign and corporate bond markets and expand private credit platforms – all underpinned by strong fiscal buffers and multi-year economic transformation agendas. The continued liberalisation of GCC financial markets and the introduction of privatisation programmes by GCC governments are converging at a time when investors are seeking diversification from global volatility. GCC capital markets remained resilient in the first quarter of the year with IPO proceeds 33% higher compared to the first quarter of 2024, despite a slowdown in issuances globally. [1] Haitham Salim Al Salmi, CEO, Muscat Stock Exchange, said: 'We are working with the Oman Investment Authority and the government to pave the way for sizable and profitable private companies as part of their divestment plan. We aim to enhance MSX's contribution to the national economy through our main initiatives such as launching an SME listing platform, facilitating accessibility to the market and establishing international linkages in parallel with our subsidiary Muscat Clearing & Depository.' Elie El Asmar, Chief Executive, HSBC Oman commented: 'Oman has an increasingly powerful story to tell global investors which is evidenced by a surge in foreign direct investment over the past five years, liberalisation of foreign ownership rules and huge strides taken in the journey from emerging to developed market status. Strategic reforms, robust infrastructure and a strong commitment to economic diversification continue to unlock new opportunities for international partnerships and sustainable growth.' This year, for the first time, HSBC brought together Emerging Market (EM) Macro Strategists with GCC attendees, as EM investors dial-up their exposure to the Gulf's capital markets driven by strong GDP projections relative to the broader EM pool. -Ends- Media enquiries to: Tony Hannon Ahmad Othman HSBC in the MENAT region HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$73bn as at 31 December 2024. [1] PwC, IPO Watch, 20 May 2025