Oman’s liquefied natural gas (LNG) production surged 4 per cent to a record 10.6 million tonnes in 2021 and is expected to reach 11 million tonnes a year after the completion of projects to increase output, the Oman News Agency reported on Sunday.
The LNG sector provided the sultanate's government with revenue of about $2.87 billion during the past year, the report said.
LNG production is expected to grow as state-backed Oman LNG previously revealed plans to expand capacity to 11.4 million tonnes a year in 2022 by reducing bottlenecks at its liquefaction plant in Qalhat, south of the capital, Muscat.
“During 2021, the Oman LNG Company continued its progress in implementing several strategic projects that are nearing completion to enhance productivity, such as the plant renewal project … and the modern energy project that uses gas engine technology to raise efficiency,” ONA said.
LNG is natural gas that turns into a colourless and non-toxic liquid when cooled to about minus 162°C. The cooling process shrinks the volume of the gas, making it easy to ship and store.
It can be used for cooking and heating, as a fuel for commercial vehicles, generating electricity, and for manufacturing products such as fertilisers, paints and medicines.
Global trade in LNG rose 6 per cent to 380 million tonnes in 2021 on the back of higher demand as economies recovered from the coronavirus-induced slowdown and countries focused on cutting emissions, according to Shell's latest LNG outlook report.
China, the world's second-largest economy, and South Korea led the growth in LNG demand last year.
Demand is expected to increase this year as European countries look for alternative LNG supplies after the ban on most of the energy imports from Russia because of Moscow's conflict with Ukraine.
Oman LNG is 51 per cent owned by the state of Oman. Other shareholders include Shell Gas with a 30 per cent stake, TotalEnergies, Korea LNG, Mitsubishi Corporation, Mitsui and Company, Partex Corporation Oman and Itochu.
Oman LNG's net income after tax rose 34 per cent to $880 million in 2021 as revenue rose 31 per cent to $3bn amid a recovery in global energy markets, the ONA reported.
“The company demonstrated its complete readiness and high flexibility to adapt to exceptional circumstances during the past period and face all challenges and difficulties to implement its business at the highest levels,” Talal Al Oufi, chairman of the board of directors of Oman LNG, said.
Oman's gas reserves stand at roughly 24 trillion cubic feet, according to official estimates.
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More from Rashmee Roshan Lall
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
FORSPOKEN
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Diablo%20IV
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Starfield
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The five pillars of Islam
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Killing of Qassem Suleimani
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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UAE currency: the story behind the money in your pockets
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
