[Oman-L] Recent news items on Oman

[Joachim Duester]

The following are recent news items on Oman from GulfWire
( http://www.arabialink.com ), Arabic News ( www.arabicnews.com )
and other sources. If URLs are wrapped, they will not work as a
link and you will have to insert them manually, adding the "missing"
part which appears in the following line.
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**Oman's largest bank to float an Indian subsidiary
BankMuscat, Oman's largest bank, would soon float an Indian subsidiary, and also
has plans to come out with a debit card besides setting up a call center in the
country, Indian news agency (PTI) reports quoting senior bank officials.
http://www.arabicnews.com/ansub/Daily/Day/020510/2002051009.html
http://www.menafn.com/qn_news_story_s.asp?StoryId=624

**Omani-Yemeni agreement to demarcate sea borders
The minister of transport and communications in Oman Malik Bin Salman al-Ma'mari
said that his country and Yemen agreed to complete sea border demarcation very
soon and asked their ambassadors to make necessary contacts to this effect.
http://www.arabicnews.com/ansub/Daily/Day/020511/2002051117.html

**First woman to head Oman corporation
Oman International Bank (OIB) appointed a woman as chairperson of its all-male
board of directors yesterday, making her the first woman ever to head an Omani
corporation, the bank said. "The appointment of Reem bint Omar al-Zawawi, has
the distinction of being the first woman in Oman to head a board of directors in
a corporate business," OIB said in a statement.
http://www.gulf-news.com/Articles/news.asp?ArticleID=50092

**Muscat Finance Company eyes acquisitions in India and UAE
Muscat Finance Company Limited (SAOG) is understood to be exploring investment
opportunities abroad, through acquisitions in India and the United Arab Emirates
(UAE
http://www.zawya.com/Story.cfm?id=ZAWYA20020504075044&Section=Countries&page=Fin
ancial%5FServices

**GE wins major Omani contract
GE Aircraft Engines has won a contract worth more than $50 million to supply its

GE F110 fighter engines to Oman's Royal Air Force
http://www.gulf-news.com/Articles/news.asp?ArticleID=50325

**China's Petroleum Corp to purchase Mazoon Petrogas
China's National Petroleum Corporation (CNPC) recently announced plans to
purchase Oman's Mazoon Petrogas Company, according to a company release. Half of
the firm's $50 million shares will be purchased through CNPC's Hong Kong
subsidiary while the remaining shares will bought by the Rolly Company, another
wholly-owned subsidiary of CNPC."
http://www.zawya.com/Story.cfm?id=122w3500&Section=Markets&page=Equities
http://www.menafn.com/qn_news_story_r.asp?StoryId=1020046413nHKG40617

**Interest rates on govt. current account deposits, credits cut
Responding to the excess liquidity in the banking system and lack of deployment
opportunities for commercial banks, the Ministry of Finance (MoF) has reduced
the interest rates payable on government current account balances.
http://www.timesofoman.com/newsdetails.asp?newsid=3268

**Oman approves third LNG train to boost output 50 percent
Oman has approved an expansion of its liquefied natural gas plant through a
third train which is expected to raise the country's output by 50 percent to 9.9
million tons a year.
http://www.zawya.com/Story.cfm?id=1020156323nL30419039&Section=Industries&page=O
il%20%26%20Gas

**Oman: new labour law soon
Oman is to issue a new labour law shortly, expected to promote further
employment of its citizens in place of expatriates, reported Gulf News.
Source: AMEInfo - 30 April 2002 - http://www.ameinfo.com/fn

**OMANTEL privatization this year
The privatization of Omantel (Oman Telecommunications Company), will be launched
in the coming months with shares on sale to foreign investors. A second phase of
privatization is on the cards for the end of 2003 with the possibility under
consideration of allowing competitors to enter the market.
Source: Bahrain Tribune, 1 May 2002

**Oman still in talks with BP on Singapore Refining Company
Oman still hopes to clinch a deal to buy BP's stake in Singapore Refining
Company (SRC) and has not suspended talks with the oil major.
http://www.menafn.com/qn_news_story_r.asp?StoryId=1019728601nL2524788

**Oman to sign a $308M tourism agreement
Oman has signed a $308 million agreement with Al Sawadi Development and
Investment Co to build a tourist resort on the Batinah coast.
http://www.menafn.com/qn_news_story_s.asp?StoryId=528

**S&P affirms Oman rating at BBB, outlook stable
Ratings agency Standard & Poor's said on [Apr. 16] it had affirmed its BBB
international foreign currency rating for Oman, and all its other ratings for
the country, giving them a stable outlook. It said the state had followed
prudent fiscal policies, and had a strong net asset position despite structural
weaknesses.
http://www.zawya.com/Story.cfm?id=1018953411nL16248181&Section=Markets&page=Mone
y