MUSCAT: The UK’s special relationship with Oman is blooming and business is booming, according to the new British ambassador.
In his first interview since taking up the post, and speaking exclusively to Times of Oman, Hamish Cowell said UK Export Finance (UKEF), the United Kingdom’s export credit agency, is underwriting several billion pounds worth of loans to British companies to boost the United Kingdom’s (UK) long-standing commercial ties to the Sultanate.
The ambassador said, “UKEF’s overall current envelope for Oman is three billion pounds, with two billion committed. And that helps to encourage investment and support UK-Omani commercial activity.”
The UK remains the Sultanate’s largest Foreign Direct Investor (FDI), with its strong trade links complementing one of the UK’s oldest and most treasured relationships in the region.
One of those major investments is the giant Khazzan gas field, which is operated by BP in partnership with the Oman Oil Company Exploration and Production. Phase one of the major gas project delivers around 1 billion cubic feet of gas per day, with future expansions expected to raise those figures by 500 million cubic feet of gas. Approximately, 300 wells are expected to be drilled over the estimated lifetime of the Khazzan field.
