Doing Business in OmanJune 2, 2020
The Energy Year, in partnership with Business Gateways, hosted a webinar entitled “Doing Business in Oman” in which Peter Szabadi, COO of The Energy Year, discussed the impact of Covid-19 and the oil price collapse on Oman’s energy industry, as well as the path to recovery for the wider GCC region.
This special online event covered key industry questions, including:
> What is the impact on procurement and spending?
> How are companies embracing new opportunities?
> What disruptions and mitigations are companies seeing across the supply chain?
> What are the best strategies to weather this pandemic?
> What can we expect in the weeks to come in Oman and around the world?
Here is an excerpt from Szabadi’s remarks during the event:
“The key stakeholders in Oman’s oil and gas sector have always taken a culture of efficiency and have long been embracing digitalisation to achieve sustainable development and cost optimisation. This approach is going to be more important than ever for the sultanate to overcome the challenges stemming from the current crisis and address the rising rate of vulnerabilities that the country’s economy will have to face in 2020.
Despite government debt-to-GDP ratio having increased sharply over the past couple of years and the country being among the oil producers most vulnerable to oil price shocks, I believe the sultanate will remain an attractive investment destination with a persistent and well-structured upstream exploration campaign and continued strong appetite for promoting synergies between fossil fuels and renewables.
Ambitious investments in the downstream sector, such as the 230,000-bpd Duqm Refinery, a joint venture of state-owned Oman Oil – known now as OQ – and Kuwait Petroleum subsidiary Kuwait Petroleum International, and the Liwa Plastics Integrated Complex, which commenced the production of polyethylene on May 30, 2020, will continue to receive new investor interest.
Moreover, announcing the long-awaited transition of Petroleum Development Oman to Energy Development Oman, a broad-based energy development holding, in the midst of the pandemic is a clear testimony that Oman is committed to its leading position in embracing renewables and low-carbon technologies and will not back down from it.”
To hear more insights from The Energy Year’s “Doing Business in Oman” webinar, view the full video below.