November 11, 2019 / 4:48 PM / a month ago

Oman's oil and gas sector allocated investments of $10 billion-$15 billion: minister

FILE PHOTO: Oman's Oil Minister Mohammed bin Hamad al-Rumhy talks to journalists as he leaves the OPEC headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger

CAIRO (Reuters) - Oman’s oil and gas sector has been allocated investments of between $10 billion and $15 billion over the next three years, Emirates’ News agency (WAM) cited its oil and gas minister as saying on Monday.

These will be “mostly concentrated in the petrochemical industries, in addition to the presence of many investments for foreign companies in the energy sector”, Minister Mohammed bin Hamad al-Rumhy said.

The minister, who is attending an energy conference in the UAE capital Abu Dhabi, also affirmed Oman’s commitment to the OPEC+ agreement. He said an oil price of $60 per barrel is suitable for Oman and good for its economy, WAM reported.

Reporting by Nayera Abdallah; Editing by Jan Harvey

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