(Bloomberg) -- The main energy company in Oman is looking to list more units in the next couple of years, after it became the biggest initial public offering issuer in the Middle East in 2024 with almost $2.5 billion of deals.
OQ SAOC’s next stock offering will likely be at the end of 2025 or in 2026, Ali Al Lawati, chief people and technology officer, said in an interview in Muscat on Thursday, without divulging potential candidates. The company has seven fully-owned subsidiaries, including in oil refining, alternative energy and trading, according to its website.
OQ has been the most active seller in Oman’s ambitious push for privatization, just as bigger neighbors Saudi Arabia and the United Arab Emirates go on their own selling sprees. The company this week raised $489 million with the IPO of its methanol and liquefied petroleum gas unit, following a record $2 billion from its exploration and production business in October. It’s also sold stock in the gas pipeline and oil drilling subsidiaries.
Funds from the sales have helped OQ cut debt from $13 billion in 2021 to $7 billion, Al Lawati said. It plans to keep trimming that further as it lists more of its companies on the local exchange.
“Our journey toward capital efficiency and sustainable growth is our biggest focus,” he said. “This is aligned with the country direction and reducing the overall debt of the country.”
State-owned OQ began to shift toward more share sales four years ago after the government was forced to pump $8.6 billion into the company and said it wouldn’t fund it anymore. The subsequent deals mirror its much bigger rival, Abu Dhabi National Oil Co., which has also been listing its units.
Besides OQ, Oman has a pipeline of around 30 assets it wants to privatize, including logistics company Asyad Group and Oman Electricity Transmission Co.
--With assistance from Laura Gardner Cuesta.
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