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The Financial Affairs and Energy Resources Council held its 7th meeting for 2018 at the Ministry of Finance on Monday, 3rd December under the chairmanship of H.E. Darwish Ismail Ali Al-Balushi, Minister Responsible for Financial Affairs, council’s Deputy Chairman. The council reviewed a range of issues, including recent developments in oil prices and its potential implications on the 2019 State Budget. Furthermore, the council reviewed a number of precautionary fiscal measures to address any sharp drop in prices compared to the average oil price assumed in the budget. This is to ensure compliance with the estimated budget deficit and not to exceed its level. The council also discussed reports pertaining to privatization scheme in the energy sector, amendment of some regulations related to participation of non-Omani companies in future electricity projects, and others.
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