Revenue losses reveal heavy price paid by Oman LNG

The mood in Muscat is darkening. In mid-April, barely a month after Oman announced it was rerouting 5% of its 2016 LNG shipments to meet rising domestic power demand – reducing the amount available for export – Oman LNG revealed a sharp downturn in its 2015 revenues.

The company’s annual report for last year spells out in black and white the effects of the adverse global market conditions: Oman LNG’s income was $2.61 billion in 2015, down from $4.07 billion in 2014. It is a massive year-on-year decline that will hit the sultanate’s finances hard.