Business


Business News in Brief - 24 December



Bank Sohar official quits

Bank Sohar said that its deputy chairman Mohammed Abdullah Al Khonji has resigned from the board of the bank with effect from December 24, 2013, according to a disclosure statement posted on MSM website.  

Galfar bags $35m contracts

Galfar Engineering and Contracting Company has bagged a contract for construction of MAF Medical Centre, Phase 1 A of Ras Al Hamra Development Project by Petroleum Development Oman. The total cost of the project is over $10 million. The completion period of the contract is 18 months from the date of commencement. Galfar also won a contract to build a fishing harbour at Nabur, Wilayat of Liwa, North Al Batinah Governorate from the Ministry of Agriculture and Fisheries. The total cost of the project is OMR9.86 million.

Saudi Arabia needs $85 per barrel to balance budget 

Saudi Arabia, the world's largest crude exporter, needs to pump about 9.4 million barrels a day at $85 per barrel for Brent to balance its 2014 fiscal budget, according to Jadwa Investment. The kingdom's production will fall by 200,000bpd  next year from this year's average of 9.6 million as output is cut to make room for additional supplies from Iraq, Libya, Iran and non-Opec producers, the Riyadh-based investment bank said in a report. Brent is forecast to average $104 next year, down from about $110 in 2013, Jadwa said.

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