Egypt Zones accountACCOUNT

Oman’s Ministry of Oil and Gas Signs up for DME Auctions

Source: www.export-egypt.com 11/17/2015, Location: Middle East

Share |
The Dubai Mercantile Exchange, DME, announced that Oman’s Ministry of Oil and Gas has become the first customer of its recently launched DME Auctions platform. The news is a significant show of support for the first spot commodity auction system in the Middle East.

The Omani Ministry of Oil and Gas will add DME Auctions to their available options to market additional spot exports of Oman Blend Crude Oil.

This development highlights the Sultanate of Oman’s commitment towards adopting transparency in marketing and pricing its crude oil exports. The Sultanate already uses a fully regulated exchange benchmark – the DME Oman crude oil contract – to establish its official selling price for oil.

Owain Johnson, Managing Director of DME, said, "We are honoured by the decision of the Omani Ministry of Oil and Gas to add "DME Auctions" to their current tools to sell spot crude oil. This decision is a great endorsement of our new platform and of DME’s work to enhance transparency in the east of Suez oil markets. At a difficult time for the oil markets, the need for reliable and regulated benchmarks has never been greater. We salute the Oman government’s commitment to transparency and we look forward to working closely with the ministry to launch the crude oil auctions whenever the volumes are available."

Financials and Investment News in Oman >>

Egypt >>  11/9/2024 - South Korean Ambassador to Cairo Kim Yonghyon praised steps taken by the Egyptian government to attract foreign direct investment.

South Ko...

Egypt >>  11/9/2024 - Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Farid took part in the International Organization of Securities Commissions (IOS...

Egypt >>  11/9/2024 - Minister of Housing, Utilities and Urban Communities Sherif el Sherbini had a meeting with Cameroon's Minister of Housing and Urban Development Celest...
Egypt >>  11/9/2024 - The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is cooperating with the World Bank (WB) to upgrade the Egyptian Entrepreneurship ec...

Egypt >>  11/9/2024 - Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir had a meeting with Hayrettin Akgun Okay, CEO of...
Egypt >>  11/9/2024 - Minister of Planning, Economic Development and International Cooperation Rania el Mashat said that 42% of the public investments of the plan of the cu...




Oman Oil & Gas 1 >> 

More News

Oil & Gas Companies in Oman >>

Related Links

Egypt Zones
Copyright © Universal Solutions All rights reserved. - Privacy Policy.