Oman is set to double natural gas prices for some of its industrial consumers by 2015, the country’s Minister for Financial Affairs, Darwish al-Balushi, said on 7 January. The move is aimed at keeping up with the increased costs of domestic gas production. The Omani government has agreed with a number of major industrial customers that gas prices will increase incrementally at a rate of $0.50/mn BTU per year from the 2012 rate of $1.50/mn BTU, through to 2015.
“The government has negotiated with industrial gas consumers and reached an agreement to amend prices as follows: From $1.50/mn BTU in 2012, it will rise to $2/mn BTU in 2013, and further to $2.50/mn BTU in 2014,” the minister was quoted as saying by the local media. “In 2015, the price of natural gas would be $3/mn BTU, and thereafter it would increase at a certain rate.” (CONTINUED - 304 WORDS)