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Oman’s Budget Records Surplus of $1.7 Billion in 6 Months

A general view of the capital of Oman, Muscat. (Getty Images)
A general view of the capital of Oman, Muscat. (Getty Images)
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Oman’s Budget Records Surplus of $1.7 Billion in 6 Months

A general view of the capital of Oman, Muscat. (Getty Images)
A general view of the capital of Oman, Muscat. (Getty Images)

The Sultanate of Oman registered a budget surplus of 656 million Omani rials ($1.7 billion) in the first six months of 2023, as a result of higher oil revenues, the Ministry of Finance said in a statement. Last year, the budget achieved a surplus of 784 million rials.

The Sultanate approved the 2023 budget with a deficit of 1.3 billion rials, equivalent to 3 percent of the GDP, after recording a surplus of about $3 billion last year.

In 2022, the Gulf oil-producing countries benefited from a significant rise in crude prices, which exceeded $100 per barrel, after the Russian-Ukrainian war deepened fears of disruption to global energy supplies.

The budget for this year is based on an average oil price of $55 a barrel. The 2022 budget was based on an oil price assumption of $50 a barrel, but the government later estimated prices averaged $94 a barrel last year.

The official Omani News Agency said on Sunday that the Ministry of Finance had settled more than 1.5 billion rials of government loans by the end of the first half of 2023, reducing the public debt to about 16.3 billion rials.

“By the end of H1 2023, the Ministry of Finance did not withdraw from reserves as planned, as a result of generating additional revenue,” it stated.

The agency added that the Ministry of Finance also paid, by the end of the first half of 2023, more than 507 million rials of private sector dues received through bonds.

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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova

In the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman, GE Vernova Inc. has announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT.

GESAT, a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components.

The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia.

By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals.

The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

President of GE Vernova in Saudi Arabia Hisham Al-Bahkali said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030.”

He added: “GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

“The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system,” said Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa.

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank.

Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.