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FINANCIAL NEWS
Oman to cut its spending in oil, gas sector at USD1.5bn
24 Jan 2017
(MENAFN) Oman was able to reduce its expenditure in oil and gas sector to USD1.5bn in 2016, compared to its original budgeted expenditure.
Moreover, the Sultanate managed to reduce substantial cost from the budget and increased production.
In addition, Oman had initiated a main exercise to cut all non-priority spending and waste and enhance efficiency amid dwindling oil prices.
Accordingly, the ministry could redeploy 3.500-4.000 workers in the oil and gas sector amid the industry and other sectors in late 2015 and 2016.
M
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