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Cyclone impact on Oman economy 'minimal'

Muscat, June 7, 2007

Oman's central bank governor said Cyclone Gonu, the worst storm to hit the Arabian peninsula nation in 30 years, will have little impact on the economy.

'It will not have a major impact on the economy,' Hamood Sangour Al Zadjali said from his home in Muscat where he has been without electricity for 15 hours.

'There have been no major losses. There has been some damage in some places, but it has been slight.'

Oman's stock market has been closed for two days because of the storm.

Its only crude oil export terminal at Mina Al Fahal remained closed until further notice on Thursday and it was unlikely that the country's liquefied natural gas export terminal would open either, a shipper said.

Oman's gross domestic product, of which about half is generated through oil and gas, may grow 6.5 per cent this year, the second-fastest pace in at least six years, HSBC forecast in December.Reuters




Tags: HSBC | Mina Al Fahal |

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