State-owned Oman Oil Co expects to list 20% to 25% of the company in an initial ...
FILE PHOTO: Oman's Oil Minister Mohammed bin Hamad al-Rumhy talks to journalists as he leaves the OPEC headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger
DUBAI - State-owned Oman Oil Co expects to list 20% to 25% of the company in an initial public offering by the end of next year, Oman’s Oil Minister Mohammed al-Rumhi said on Wednesday. If the listing goes ahead, Oman Oil Co will become the second national oil company to be listed in the Gulf region after Saudi Aramco’s planned IPO later this month.
Speaking to reporters at a conference in Dubai, Rumhi said financial advisers for the deal had already been assigned. He did not name any advisors.Rumhi also said he hoped the production cuts agreement between OPEC and its allies would be extended. The listing plan comes as Oman seeks to raise cash from asset sales to contain a budget deficit due to lower oil prices.Reporting by Dahlia Nehme; Writing by Maha El Dahan; Editing by Saeed Azhar and Mark Potter
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