Oman’s Sultan Says Government’s Plan Serves ‘Financial Sustainability’

Oman's Sultan Haitham bin Tariq. File photo
Oman's Sultan Haitham bin Tariq. File photo
TT

Oman’s Sultan Says Government’s Plan Serves ‘Financial Sustainability’

Oman's Sultan Haitham bin Tariq. File photo
Oman's Sultan Haitham bin Tariq. File photo

Oman's Sultan Haitham bin Tariq has affirmed that austerity measures endorsed by the authorities aim at achieving “financial sustainability.”

Sultan Haitham on Wednesday addressed the nation on television on the occasion of the country’s 50th National Day.

“Despite the challenges facing our economy, the financial balance plan, and the measures that have been taken are sufficient to bring our economy to a safe shore,” he said.

In his speech, the Sultan stated that the government had taken the necessary measures to mitigate the impact of the coronavirus pandemic.

Sultan Haitham stressed that to support the government’s ability to move forward in achieving Oman 2040 Vision, “we have worked to develop the state’s administrative apparatus and the restructuring of the Council of Ministers, and we have entrusted to it the responsibility of implementing development plans” in a way that enhances government performance and raises its efficiency."

The Sultan added that his government will continue working on “reviewing" legislative and supervisory mechanisms, and developing accountability tools as a “main pillar of Oman’s future.”

He stressed the importance of accountability in “safeguarding the rights of the nation and citizens,” and its role in establishing justice and integrity.

On decentralization, Sultan Haitham said in his speech, “We have laid the organizational basis for local administration by establishing a decentralized administrative structure."

He stressed that the health, social and economic sectors are at the top of the government’s priorities, with an emphasis on continuing to support these sectors “to provide health services and education with utmost efficiency.”

The Sultan also highlighted the positive aspect of the pandemic on the government’s digital transformation, saying it helped accelerate its pace.



TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
TT

TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)

French oil major TotalEnergies reported third-quarter adjusted net income at a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings.
Adjusted net income was down 37% from a year earlier and 12.7% lower from the previous quarter's $4.7 billion. The result just missed analyst expectations of $4.2 billion, Reuters reported.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year on year to $10 billion.
Earlier this month, TotalEnergies warned its financial results would take a hit as its margin for converting crude oil into refined fuels tumbled 65%.
Global refining margins have dropped sharply in recent months in the face of weaker economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter - the largest quarterly decline in a year - on worries about the global oil demand outlook.
TotalEnergies shares were down 1.5% in early trading. RBC analyst Biraj Borkhataria said Total reported "weaker cash generation relative to expectations", and that while "divisional estimates were broadly in line with consensus ... estimates have been falling following the recent trading update."
The company confirmed $2 billion in share buybacks for the fourth quarter and decided a third interim dividend of 0.79 euros per share for 2024.
In addition to a 83% drop in quarterly refining and chemicals division profits year-on-year, Total's integrated LNG division also made 21% less than the third quarter last year, with the company citing low gas market volatility as a hamper on trading profits. Integrated power, which includes renewables, was down 4% from a year ago.
TotalEnergies took a $1.1 billion impairment related to the August bankruptcy filing of US subsidiary SunPower, and its exit of several South African offshore blocks.
Quarterly hydrocarbon production of 2.4 million barrels of oil-equivalent per day was at the low end of guidance given at half year due to security-related disruptions in Libya and an outage at the Ichthys LNG plant in Australia.