Oman’s finances look a little less dire than they did last year. With the country on track to rack up a $12.7bn deficit, ratings agencies have reason to be worried. At least the Sohar refinery expansion and BP’s Khazzan start-up will provide a boost.

Oman has been tapping new and expanded sources of finance in a bid to plug its 2017 deficit. It hit the market for a $5bn conventional bond in March (MEES, 10 March) and raised $2bn from its first ever international Sukuk in late...