Oman benefits from significant oil and gas reserves, including a sizeable new gas field that began production in late 2017. Located between Asia and Africa – and adjacent to major international shipping routes – the sultanate’s geographic location also makes it a natural regional logistics and manufacturing hub. The authorities are seeking to leverage these competitive advantages to diversify the economy and reduce its reliance on hydrocarbons production. Over the longer term these moves are expected to generate employment, bolster non-oil exports and increase government revenue.
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