Oman's foreign trade rose 16pc to $6.5 billion last year

MUSCAT - Oman's foreign trade has recorded an increase of 16 per cent to 2.5 billion rials ($6.5 billion) in 2003 compared to a year earlier, thanks to higher oil prices and gas exports.

By From Our Special Correspondent

Published: Fri 9 Jan 2004, 12:16 PM

Last updated: Thu 2 Apr 2015, 12:04 AM

"Oman LNG and natural gas exports increased by 45 per cent last year and oil prices rose by nearly 10 per cent. Total exports reached the value of 4.7 billion rials while imports were around 2.22 billion rials," a ministry of finance said.

The official added that, despite drop in oil production, the oil sector grew by seven per cent due to higher international prices but he declined to give figures. Oman expected its oil production to drop by eight per cent in 2003, due to ageing oilfields. Official statistics show that the sultanate's production averaged 824,000 barrels per day in 2003 compared to 897,000 barrels a year earlier.

Oman LNG exported its full capacity of 6.6 million tonnes in 2003 and the company said earlier that its production has been sold out in 2004 due to a higher demand from its customers. The government holds 51 per cent in Oman LNG and the rest belongs to private shareholders including Shell and Total.

More news from Business