Oman's parliament voted on Thursday to sharply raise taxes on the petrochemical industry, non-oil natural resources and liquefied natural gas companies in a drive to address the budget deficit. The legislation, which is subject to approval by the Sultan, raises the tax rate of LNG companies to 55% from 15%. Tax rates for petrochemical companies and on exports of non-oil natural resources, both currently at 12%, would rise to 35%. Both houses of the Council of Oman, one elected and one appointed, voted in favour of the hikes, which Sultan Qaboos bin Said had sent over for review. (Reuters)