• By: youtube     Date: 12-09-07
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The Omani economy has been radically transformed over a series of development plans beginning with the First Five­-year Plan (1976-1980). At Sultan Qaboos's instruction, a vision of Oman's economic future up to the year 2020 was set out at the end of the first phase of the country's develop­ment 1970-1995. Vision 2020, outlined the country's economic and social goals over the 25 years of the second phase of the development process (1996­-2020).

The direct rule of the sultan gives Oman a largely stable economic and social system free of party politics. Sultan Qaboos, encourages market-orientated policies and private sector development as the mechanism for prosperity and growth.

Commercial export of oil began in 1967 and since Sultan Qaboos' accession to the throne in 1970, many more oil fields have been found and developed. In June 1999, PDO discovered a new oil field in southern Oman after drilling and testing three wells which demonstrated the commercial viability of the reservoir. This is the most significant find in five years. Work is continuing on the RO 503.876 million ( US$1,300 million ) oil refinery project in Sohar, which was due to go into operation in 2006 with a 116,400 barells a day refining capacity. In 2004 Oman Oihl Refinery was supplied with about 78,200 barells a day for refining, while PDO began using steam injection technology in several wells to increase their productivity.

Since the slump in oil prices in 1998 , Oman has made active plans to diversify its economy and is placing a greater emphasis on other areas of industry, such as tourism and natural gas. Oman's Basic Statute of the State expresses in Article 11, that, "The National Economy is based on justice and the principles of a free economy."