Muscat – Russian investors are eyeing an opportunity to produce fertilisers in Oman, with specific focus on exporting to Asia and Africa.

This announcement was made by Russian Foreign Minister Sergey Lavrov during a press conference held after a meeting with his Omani counterpart H E Sayyid Badr bin Hamad al Busaidi on Tuesday.

Lavrov highlighted the interest of Russian investors in developing fertiliser production projects in Oman.

“Literally before the end of our talks we mentioned the interest of some Russian investors in developing the production of fertilisers on the territory of Oman, participating in the implementation of projects connected with water consumption,” the Russian news agency TASS quoted him as saying.

Lavrov emphasised that Russian companies are keen on manufacturing chemicals and fertilisers not only to meet the demands of the Omani market but also to cater to South Asian, Southeast Asian and African countries.

“These plans are under consideration of the Omani friends. Today we confirmed readiness to implement them,” Lavrov said.

He stated that the potential for economic cooperation between Russia and Oman goes beyond the current figures, which already amount to more than half a billion dollars. “There is more to come; the potential is much wider. We strongly encourage countries interested in the region to work in Oman,” he pointed out.

In a parallel effort to enhance collaboration, Oman and Russia are actively working towards an agreement on mutual encouragement and protection of investments, H E Sayyid Badr said during the joint press conference with Lavrov.

“We signed an agreement on avoidance of double taxation not long ago, and we are currently working on an agreement on mutual encouragement of investment,” H E Sayyid Badr said. “These two agreements are an important basis for developing cooperation aimed at attracting investment into the countries.”

Oman is committed to attracting Russian investments and has been collaborating with the private sector towards this goal, the minister said.

“We hope that the boost we gave to Russian-Omani relations will facilitate the strengthening of investment cooperation,” H E Sayyid Badr added.

On June 8, Oman and Russia inked an agreement aimed at preventing double taxation on profit tax and avoiding tax evasion.

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