Oman Oil to Offer Shares in Businesses, Stock Market Head SaysRobert Tuttle and Sarmad Khan
Oman Oil Co., the sultanate’s state-owned energy producer, plans to sell shares in some of its businesses to the public, the Muscat Securities Market said.
“We hope one of them will come to the market this year and others next year,” Ahmed Saleh Al Marhoon, director-general of the MSM, said in an Abu Dhabi interview, declining to identify the businesses or quantify the number involved. “There are so many subsidiaries of Oman Oil and they are diversified in oil-related sectors. Those are the companies coming to the market.”
Some countries in the Gulf Cooperation Council, a group of six oil-producing Arab monarchies, are selling shares in state-owned companies to spur stock-market trading and citizens’ participation in the economy. Oman Oil holds majority stakes in Oman Gas Co., Oiltanking Odfjell Terminals & Co., the Musandam power plant and Abraj Energy Services, among other businesses.
An official at the company, based in Mina al-Fahal, didn’t answer phone calls seeking comment.
Qatar is one GCC member also offering shares in state-owned companies, with four businesses of the state energy producer due to sell stock in “coming years,” Hussein al-Abdulla, a board member at the Qatar Investment Authority, said in May.
Qatar Petroleum has already completed a 3.2 billion-riyal ($879 million) initial public offering of 26 percent of Mesaieed Petrochemical Holding Co., which includes Qatar Chemical Co., Qatar Chemical Co. II and Qatar Vinyl Co.