An Omani state-run oil and gas company, OQ, formerly known as the Oman Oil Co., has announced plans for an initial public offering of its exploration and production business. This move signifies a significant step towards privatization in the sultanate, potentially raising billions in capital. Following in the footsteps of industry giants like Saudi Aramco and Abu Dhabi National Oil Co., OQ's IPO could inject new life into the Muscat Stock Exchange, historically considered one of the quieter markets in the Gulf Arab states.
The company intends to offer up to 25% of shares in its exploration and production arm, with estimates suggesting a total valuation of around $8 billion. The stake being put up for sale is expected to be valued at approximately $2 billion. OQ's CEO, Ashraf Hamed Al Mamari, expressed the company's commitment to seizing growth opportunities for both the company and Oman through this strategic move.
