Oman enters 2023 on a high
International commitments to its expanding petchems and LNG industries are a huge boon
Muscat sealed deals with Riyadh and Tokyo critical to the future of its petrochemicals and LNG industries as 2022 drew to a close. The agreements are also crucial to the sultanate on a macroeconomic basis, as production from its relatively meagre and high-cost crude reserves is set to enter terminal decline. Expansion of the local petchems industry—initially with liquids feedstock due to a recent chronic gas shortage—has long been central to Muscat’s strategy to diversify exports and fiscal receipts away from crude and expand domestic manufacturing, creating urgently needed jobs. The state has pursued the goal with notable single-mindedness, paying for the construction of the largest project
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