25 May 2011 04:53 [Source: ICIS news]
SINGAPORE (ICIS)--Oman is to invest up to $15bn (€10.7bn) to develop its infrastructure and the petrochemical industry in the country’s southeast, Reuters reported on Tuesday.
The gulf country is planning to invest $10bn-15bn in the port town of Duqm for new projects, including a refinery and a petrochemical plant, Finance Minister Darwish al-Balushi said.
Al-Balushi was speaking at an investment and economic forum in Muscat. He added that the investment would create 15,000 to 20,000 jobs over the next 10 years.
Oman plans to spend heavily on an airport, dockyards, refineries and petrochemical plants, among other projects, to develop Duqm into an industrial city, Reuters reported.
The country has been hit by social unrest and protests over the past three months demanding for better wages, more jobs and an end to corruption.
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