Oman plans IPO of public energy companies

Oman plans IPO of public energy companies
(Photo Credit: Ministry of Oil & Gas official Twitter account)

By: Amr Adel

Abu Dhabi – Mubasher: Oman is planning to offer the shares of some government-owned energy companies to public subscription in the Muscat Securities Market (MSM), the minister of oil and gas Mohammed Bin Hamad Al Rumhi said.

This comes as the country seeks to gather liquidity amidst low oil revenues, which reflected negatively on public finances, Al Rumhi added on the sidelines of the 3rd GCC Petroleum Media Forum in Abu Dhabi.

Among those companies is Salalah Methanol Company, of which 90% is owned by Oman Oil Company, and a drilling company, Al Rumhi added.

Initial public offerings of six or seven companies in the MSM will be completed during in 2017, according to MSM director general Ahmed Saleh Al Marhoon. These include Muscat Electricity Distribution Company.

Translated by:

Mohamed Hesham Azab

Source: Mubasher Exclusive