Oman Location:
23°36'N, 58°33'E
Oman Geography:
A vast desert plain covers most of central Oman, with mountain ranges along the north (Jebel Akhdar) and southeast coast, where the country's main cities are also located: the capital city Muscat, Matrah and Sur in the north, and Salalah in the south. Oman's climate is hot and dry in the interior and humid along the coast. During past millennia Oman was covered by ocean. Fossilized shells exist in great numbers in areas of the desert up to 50 miles from the modern coastline.
Oman People:
Population
- July 2005 estimate 2,567,0001 (140th)
- Density 8.3 /km2 (211th)
21.5 /sq mi
Oman Government:
Government Absolute monarchy
- Sultan Qaboos bin Said Al Said
Oman Economy:
The economy of Oman is dominated by its dependence on crude oil. A joint venture called IPC drilled a number of dry holes from 1956 onwards though the logistics of doing this were extremely difficult due to the lack of transport infrastructure.
A lack of success, combined with worsening logistical problems and a glut of oil on the world market, led most of the partners to withdraw from the venture in 1960. Only Royal Dutch/Shell and Partex opted to remain in Oman to continue the search for oil. They struck oil at Fahud in 1962 at a site just a few hundreds of metres from the last dry hole.
In June 1967, the Compagnie Française des Pétroles rejoined the partnership by taking over a 10% equity share from Partex, resulting in the following shareholding: Shell 85%, Compagnie Française des Pétroles 10% and Partex 5%. The company changed its name to Petroleum Development (Oman). Shortly followed by the first export of Omani oil on 27 July 1967.
On 1 January 1974 the Government of Oman acquired a 25% shareholding in the Petroleum Development (Oman); half a year later they increased it to 60%, backdated to the beginning of the year. As a result foreign shareholding in PD(O) was now made up of Royal Dutch/Shell (34%), Compagnie Française des Pétroles (now Total) (4%) and Partex (2%).
In a Royal Decree of 15 May 1980, the company was registered as a limited liability company (LLC) under the name Petroleum Development Oman.
Today Oman produces around 700,000 barrels (110,000 m³) of oil per day and there have been significant discoveries of natural gas and development of a liquefied natural gas terminal. Oil represents about 90% of Oman's exports.
The income generated was quickly deployed into building infrastructures of roads, schools, hospitals, water and electricity generating plants. All of this activity has made Oman a major success story for economic growth despite being the only oil-producing nation in the Middle East that is not a member of OPEC.
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalise its markets and joined the World Trade Organization in November 2000. GDP growth improved in 2001 despite the global economic slowdown.
On 20 July 2006, the U.S. House of Representatives narrowly approved a US-Oman Free Trade Agreement. [4] Regarding labor rights, the Government of Oman made numerous commitments to revise its labor laws to satisfy Congressional concerns. With respect to the assertions that the Agreement threatened the ability of the United States Government to protect its essential national security, the Congressional Research Service prepared several papers explaining that such was not the case. A recent State Department report criticized Oman for not taking enough action to reduce human trafficking but also acknowledged that the country "is making significant efforts to do so." The treaty will immediately end all duties on trade in industrial and consumer goods and give American farmers duty-free access to Oman's market for 87% of their products. [5] Proponents of the deal claim that the pact will help liberalise the Omani market and open it to U.S. goods. [6]
US President George W. Bush signed the bill into law on September 26 2006
Oman More Information:
http://en.wikipedia.org/wiki/Oman | 
