News
Energy Development Oman Founded To Further Bolster Oil And Gas Sector
Muscat: The Ministry of Finance today said that Royal Decree No. 128/2020 provides for the foundation of Energy Development Oman (EDO) Company with the purpose of transferring government stake in Concession Area 6 to EDO.
The Ministry explained that EDO is a 100 per cent government-owned firm established to achieve a set of government objectives through the implementation of global standards in the management of assets and resources of the State in the oil and gas sector.
The new company will receive oil and gas revenues to settle annual capital and operational costs of production.
It will also develop and expand the sector and pump more investments to bolster financial and economic returns of the state, thereby keeping PDO oil and gas expenses out of the general budget, which will enable the company to enjoy financial independence.
In this way, EDO can fund its own economically feasible development projects and reflect the actual value of this sector, which will have a positive effect on indicators of financial performance. It will also reflect positively on PDO, allowing it to carry out investment projects without dependence on the State Budget.
EDO is expected to upgrade the performance of management of the oil and gas sector, support government plans on cost-cutting and increasing economic activity, as well as the in-country added value of petroleum activities.
-
OER Magazines2 months agoDossier – ToP 25 Personalities 2025
-
Dossier2 months agoArabic Dossier – ToP 25 Personalities 2025
-
Alamaliktistaad Magazines2 months agoAl-iktisaad, August 25
-
OER Magazines2 months agoOER, August 2025
-
Entertainment2 months agoHere’s a Complete Overview of the 2025/2026 Season at the Royal Opera House Muscat
-
News2 months agoSultan Center Unveils Flagship Al Hail Store, Elevating Premium Retail Experience in Oman
-
News2 months agoHONOR, in partnership with MHD-ITICS Debuts at COMEX in Muscat, Expanding Its Presence in the GCC
-
IT2 months agoAI Zone, Digital Triangle Project Unveiled at COMEX 2025
