Oman Cement Says Gas Costs In 2015 To Rise By $5.45m

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Updated Mon, 01 Dec 2014 13:16:26 GMT

Oman Cement said the proposed gas price rises will be effective Jan. 1 and will increase every year at rates specified by the Ministry of Oil and Gas, according to a filing to Muscat’s bourse.

The company did not provide further details on these future increases, but said its costs in 2015 would rise by OMR2.1 million.

Oman Cement said it would try to minimise the impact of the higher gas prices by improving productivity, restructuring its own pricing and reducing other costs.

Last week, an advisory body to Oman’s government suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices.