Oman plans to spend 30 billion rials ($78 billion) in its five-year development plan to 2015 and is forecasting economic growth of 5 percent a year, the official Oman News Agency said.
The program is based on an average oil price of $59 a barrel, the agency cited National Economy Minister Ahmed bin Abdulnabi Macki as saying. Oil production is projected at 897,000 barrels a day during the five-year period, the Muscat- based news agency said.
Oman wants to invest in oil and gas production to increase government revenue and attract investment. Hydrocarbons account for 70 percent of government revenue and 45 percent of foreign direct investment, Maqbool bin Ali bin Sultan, the Persian Gulf state’s minister of commerce and industry, said in October.
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