By:Zawya

In a significant move to optimise the economic potential of its mineral wealth, the Ministry of Energy and Minerals has announced the establishment of Oman Minerals Trading Company as the central authority to oversee the marketing and export of mineral resources from the Sultanate of Oman. The initiative is formalised through Ministerial Resolution No 18/2025, issued by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals.

The resolution marks a key step in reforming the mineral management system and aligns with Oman Vision 2040's goal of sustainable, diversified economic growth. It aims to address existing structural challenges in the mineral sector — such as fragmented marketing, price instability and the dominance of intermediaries — by centralising export control under a national entity.

KEY PROVISIONS FOR TRANSPARENCY AND MARKET STABILITY

Under the new regulation, gypsum and chrome ore exports will be strictly monitored. Export of raw chrome ore will require a minimum concentration of 36%, while processed ore can be exported at any concentration upon Ministry approval. Local market needs will be prioritised before exports are approved, a policy that supports domestic manufacturing and ensures stability in local supply chains.

The regulation also seeks to standardise contracts, enhance negotiation leverage with international buyers and improve pricing transparency for Omani ores — factors that have historically impacted competitiveness despite strong production levels.

In 2024 alone, Oman produced about 14 million tons of gypsum across 15 licensed sites and 300,000 tonnes of chrome ore from 29 licensees. However, revenue gains have been diluted by inconsistent marketing and a lack of pricing discipline.