Oman follows Abu Dhabi, Saudi in selling stakes in energy asset

OQ invites banks to pitch for gas pipeline network IPO
Oman follows Abu Dhabi, Saudi in selling stakes in energy asset
Oman’s state energy company OQ

Oman follows Abu Dhabi and Saudi in looking at sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors.

Oman’s state energy company OQ is considering an initial public offering (IPO) of its gas pipelines network, four sources with knowledge of the matter told Reuters.

The company has invited local and international banks to pitch for roles in a potential offering, according to the sources, who declined to be named as the matter is not public as of yet. 

OQ did not respond to a request for comment when contacted by Reuters.

The company is considering local listings for some of its downstream and upstream assets but has no plan to float the parent company at present, a senior executive told Reuters in November.

In March, the CEO of the Muscat Stock Exchange told CNBC Arabia that it aims to list 35 state-owned enterprises in the next five years and plans to take one or two oil companies public this year. 

Oman, which according to S&P gets 75 percent of fiscal receipts from hydrocarbon products, has introduced some reforms to diversify revenues, including introducing a 5 percent value-added tax last yearز

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