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Oman’s Producer Price Index Posts Increase of 37%

A gas field in Oman. (Reuters)
A gas field in Oman. (Reuters)
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Oman’s Producer Price Index Posts Increase of 37%

A gas field in Oman. (Reuters)
A gas field in Oman. (Reuters)

Oman's producer price index for the third quarter of 2022 posted an increase of 36.6 percent, compared to the corresponding period in 2021, according to the quarterly survey by the National Center for Statistics and Information (NCSI).

The Oman News Agency (ONA) reported on Sunday that oil and gas prices took the lead by scoring a 44.1 percent hike, while non-oil products increased by 2.9 percent.

The rise in prices of oil and gas products was due to a 48 percent growth in crude oil and natural gas, coupled with a 21.8 percent surge in prices of refined oil products.

The rise in the prices of non-oil products was due to a 3.1 percent growth in prices of the converting industries’ group.

Prices of mining, electricity, and water increased by 2.3 percent.

Overall GDP growth in Oman rebounded from -3.2 percent in 2020 to 3 percent in 2021 and is projected at 4.3 percent in 2022, the IMF noted in a report.

The economic recovery is gaining traction. Rebounding economic activity and elevated global inflationary pressures are expected to push up average inflation to 3 percent in 2022 and down to 2.5 percent in 2023.

The report noted that there are risks of short-term economic relapse that stem particularly from global geopolitical conditions and their impact on the economy and oil prices, in addition to the renewed flare-up of COVID-19 infections, and the increased inflationary pressures from higher global food and energy prices.

"Fiscal and external surpluses are expected in 2022 and over the medium term."

Central government debt declined to 62.9 percent of GDP in 2021 and it is expected to decline to about 43.7 percent of GDP in 2022.

Meanwhile, OQ, Oman’s government-owned integrated energy group, announced the start of operations at the third crude oil processing plant at Bisat oilfield.

The plant's production would rise to 60,000 barrels per day (bpd) early next year.

OQ has successfully increased the production of the oilfield from 5,000 barrels per day in 2019 to 55,000 barrels per day by the third quarter of 2022, the fastest annual growth of oil field production in the region.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.