Tsvetana is an author for Oilprice.com with over a years of experience composing for news outlets such as iNVEZZ and SeeNews.
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By Tsvetana Paraskova – Dec 06, 2024, 8:30 AM CST
OQ, the nationwide oil business of Gulf manufacturer Oman, prepares to put more of its subsidiaries up for stock listing, following the record-breaking IPO of its OQ Exploration and Production Company previously this year, a senior executive informed Bloomberg in an interview.
In October, OQ Exploration and Production Company (OQEP), Oman's wholly-state-owned upstream oil and gas operator, raised $2.03 billion from its IPO which was the biggest ever for the Gulf oil country and the most significant in the area up until now this year.
OQEP offered 2 billion shares in the IPO throughout the membership duration, representing 25% of the business's overall provided share capital.
OQEP's record-breaking listing in October was 2.4 times oversubscribed with orders totaling up to about $4.7 billion. The offering that raised $2 billion from 25% of OQEP's shares valued Oman's oil and gas expedition company at approximately $8.1 billion (3.12 Omani billion rials).
Now OQ is wanting to note more of its systems on the regional stock market, and the next share sale might occur at the end of 2025 or in 2026, OQ's Chief People & & Technology Officer, Ali Al Lawati, informed Bloomberg in an interview released on Friday.
The profits from numerous share sales have actually assisted the Omani state energy company to lower its financial obligation by $6 billion recently– from $13 billion in 2021 to $7 billion now, Al Lawati informed Bloomberg.
The IPO of the expedition company in October followed the effective listings of 2 other OQ business, Abraj Energy Services and OQ Gas Networks, in 2015.
Oman's drilling and well companies Abraj Energy Services, indirectly owned by OQ, was noted in 2015 after an IPO raised $244 million (94 million rials). Pipeline operator OQ Gas Networks likewise debuted on the regional stock exchange after raising $771 million in an IPO that offered out in one day.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is an author for Oilprice.com with over a years of experience composing for news outlets such as iNVEZZ and SeeNews.
More Info
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