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Oman’s Ministry of Energy Signs Agreement to Explore Potash Ore

Oman’s Minister of Energy and Minerals Eng Salim al Aufi after signing the agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi. (Oman News Agency)
Oman’s Minister of Energy and Minerals Eng Salim al Aufi after signing the agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi. (Oman News Agency)
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Oman’s Ministry of Energy Signs Agreement to Explore Potash Ore

Oman’s Minister of Energy and Minerals Eng Salim al Aufi after signing the agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi. (Oman News Agency)
Oman’s Minister of Energy and Minerals Eng Salim al Aufi after signing the agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi. (Oman News Agency)

Oman’s Ministry of Energy and Minerals has signed a concession agreement in the mining sector for the exploration and mining of potash ore.

Oman News Agency reported that Oman’s Minister of Energy and Minerals Eng Salim al Aufi signed a concession agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi on the Concession Area 53-A in Umm Al Samim.

The Concession Areas project is a significant initiative that will contribute to the advancement of the sector and foster economic growth in Oman.

The Ministry's vision encompasses the regulation of licensing procedures and expediting their issuance for readily investable mining opportunities presented as concession areas. That methodology will facilitate the creation of an organized investment portfolio, enhance the development of the sector, and mitigate environmental impacts.

The pre-approval of these concession areas will save investors significant time and effort, providing them with a conducive environment for investment and operations.

Moreover, the establishment of these concession areas will firmly position the Sultanate of Oman on the global investment map within the mining sector. This will effectively contribute to enhancing the roles of associated sectors such as industry, innovation, logistics, construction, and others. It will also promote sustainable development and social responsibility.

Additionally, it opens opportunities for aspiring entrepreneurs to start new projects in mining-related industries.

By designating concession areas in the mining sector, the Ministry seeks to achieve several goals, namely overcoming difficulties pertaining to the reception of requests, establishing an integrated database for geological, geophysical, and exploratory surveys in Oman, and providing regular and sustainable support for exploration and mining opportunities in Oman as well as protecting the sites of mineral ores from urban expansion.

The goals also include shifting the ministry’s focus, efforts, and resources to minerals of high economic value (metallic minerals), attracting international companies specialized in exploration and mining, empowering the establishment of mining industries, and generating employment opportunities.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.