oil and gas

OQ mulls listing of some energy assets on MSX

November 18, 2021

Muscat – OQ, the sultanate’s international integrated energy group, is considering the listings for some of its downstream and upstream assets on the Muscat Stock Exchange (MSX), according to a senior official of the company.

“We are considering listing some of our assets in the local market,” Hilal al Kharusi, OQ’s acting chief executive commercial, said on the sidelines of an event in Dubai, Reuters reported on Tuesday.

“We are reviewing at the moment… some in the downstream and some in the upstream especially on the service part of it,” he told Reuters.

In its bond prospectus earlier this year OQ said it plans to fund US$7.9bn in spending over the next five years through project finance debt and divestment.

Kharusi, as per Reuters report, said OQ could consider different options for its gas network, which could include stake sales, local listings or leasing of pipeline assets.

“Certainly by 2022, we will have a more concrete view of the whole portfolio. Now which one to go first? That would depend on how the market reacts,” he said.

Kharusi said OQ is also reviewing other assets in its portfolio, but there is no firm sales process ‘at the moment’.

While OQ’s own teams are working on the review, he said US investment bank Lazard is advising on some parts of the business and it is seeking help from international consultants.

Kharusi also said that OQ will consider bond issues next year after successfully selling US$750mn this year.

“We align our debt raising along with the government of Oman… Probably next year we will consider issuing a bond,” he said, adding it is likely to be a similar size to this year’s.


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