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VISION 2020
In June 1995, a vision conference was convened to plan future trends
of the Omani Economy. In that conference the Government of Oman had
embarked on a policy of economic diversification with emphasis on
agriculture, fisheries, tourism, mining, light industries,
petrochemicals and other heavy industries.
The Objectives of Vision 2020 include:
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Sustainable
development within a stable macroeconomic framework
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Diversified,
dynamic and globalised economy
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Advanced human
resources development
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Efficient and
competitive private sector
Overview
The outcome of Vision 2020 has resulted in the establishment of
Oman’s first LNG plant, ‘Oman LNG’ in 1994. In 2002, the Government
of Oman decided to move forward with plans to develop a third gas
liquefaction train and thus ‘Qalhat LNG’ was born and was
incorporated in 2003. Today the Government of Oman owns 46.84% of Qalhat LNG, while Oman LNG owns 36.80% and Union Fenosa Gas of Spain
owns 7.36%. US$ 700 million has been invested for the engineering,
procurement and construction of this 3.30 mtpa liquefaction train.
This train is built to the same specifications, and utilizing
similar technical design and construction, as the existing two
liquefaction trains. The capacity of the Qalhat LNG Plant is
anticipated to increase to at least 3.70 mtpa after 18 months of its
operation. It’s worth mentioning that the project was completed
ahead of the scheduled time and below the allocated budget.
Moreover, it has achieved more than 38% Omanisation, the highest
recorded for any construction project in the Sultanate with a safety
achievement of 20 million man-hours without any Lost Time Injuries (LTI).
Strong Relationships
The success of Qalhat LNG is a proof of the high reputation and
respect the Government of Oman and the shareholders have in the
international arena. The project has also strengthened and enhanced
existing economic relations between Oman and its strategic allies
and nations. While within the country, agreements with Oman Shipping
Company to use their LNG vessels reinstate the fact that Oman is
returning to its seafaring glory of the past. While dealing with the
other LNG players in the international markets, Qalhat LNG will
spread its wings and be a good ambassador of the Sultanate of Oman
in the global arena.
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