MUSCAT: Natural gas’s contribution to the 2023 budget revenues is estimated at RO 1.400 billion – a direct result of the recent establishment of the Integrated Gas Company (IGC), the Ministry of Finance affirmed here on Sunday.
The Ministry explained in a post that wholly state-owned IGC will specialize in the purchase and sale of and sale of gas, with its revenues transferable to the state treasury. Significantly, gas revenues constitute 14 per cent of total revenues for 2023, the Ministry noted.
Established last week, the Integrated Gas Company (IGC) is described as a state-owned enterprise that acts on behalf of the Government of Oman in the management of all allocations, assets, rights and obligations of natural gas purchase, sales, transport, imports and exports, as well as all relevant products.
The IGC has been tasked with improving the fiscal performance of the Sultanate of Oman by removing the expenses of gas purchase and transport from the State Budget, while at the same time transferring net gas revenue to the treasury.
Its goal is to also enhance the efficiency of the gas sector, ensure the adherence of producers and consumers to the contracts and agreements signed in the gas sector. Additionally, it will implement the government’s policies and plans related to gas prices and quotas allocated to each sector and undertake the selling of gas to gas-based industries.
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