Port Services Corporation (PSC) has agreed the terms of a deal with the government to continue the operation and management of Port Sultan Qaboos in Muscat for an additional year beyond the expiry of the current licence on December 31, said a report.

The announcement came in a filing to the Capital Market Authority (CMA) yesterday (December 28), added the Oman Daily Observer report.

It follows a meeting convened at the corporation’s headquarters in Muscat yesterday to discuss the terms of an agreement whereby PSC would rescind its recent decision to go into liquidation and continue to operate the port during 2017, it said.

Citing resolutions adopted at the meeting, the corporation said the Ministry of Transport and Communications acceded to its terms and conditions for running the port for an additional period of 12 months through to December 31, 2017.

These terms have been set out in the Corporation’s letter to Dr Ahmed bin Mohammed al Futaisi, Minister of Transport and Communications, dated December 25, 2016, added the report.