Oman’s OQ Gas Networks set to raise up to $771 million in IPO

Oman’s OQ Gas Networks, the pipeline business of state oil company OQ, aims to raise up to 297 million Omani riyals ($771 million) from its initial public offering in what could be the country’s largest listing.

OQ set the price range for the IPO of OQGN at 131 baisas to 140 baisas per share, which would give the company a valuation of up to 606 million riyals ($1.57 billion), according to a statement on the Capital Market Authority’s website on Sunday.

The state-run company is selling about 2 billion shares, representing a 49 per cent stake in OQGN through Oman Energy Trading Company and Oman Oil Services Limited.

Saudi Omani Investment Company, a unit of the Public Investment Fund, as well as Qatar Investment Authority subsidiary Falcon Investments and gas infrastructure company Fluxys Belgium, are each taking 10 per cent of the offer, OQGN said in a separate statement on Monday.

The offer is the “largest in the history of the Omani capital market in terms of volume and market value”, the CMA statement said.

The book-building period will run from September 26 until October 9 for institutional investors, while the retail offer is expected to close on October 5.

OQGN’s shares are expected to commence trading on the Muscat Stock Exchange on October 24.

“The company’s high cash flow visibility, underpinned by a robust regulatory environment and experienced leadership team were critical in determining our investment,” said Muteb Al Shathri, acting chief executive of the Saudi Omani Investment Company.

“We have confidence in OQGN’s development and trajectory, as well as in Oman as an attractive investment destination.”

The company holds a natural monopoly over Oman’s natural gas transport infrastructure and is the exclusive owner and operator of the company’s natural gas transportation network.

The network involves a system of pipelines, metering facilities, compressor stations, gas supply stations and block-valve stations.

Last year, the company transported 39.4 billion cubic metres of gas from six producers to about 130 consumers through 4,031km of pipelines, supported by three compressor stations and 25 supply stations.

OQGN reported a more than 41 per cent rise in its first-half profit to 33.1 million riyals as total income grew 16.5 per cent to 85 million riyals.

OQGN is set to be the second IPO from its parent company OQ amid Oman’s privatisation programme as the Gulf region’s smallest oil producer continues to focus on the diversification of its economy.

In March, OQ floated its oil-drilling unit Abraj Energy Services after raising $244 million in what was Oman’s biggest listing in more than a decade.

OQ, which is owned by the Oman Investment Authority, intends to privatise several assets in the coming five years, Mansoor Al Abdali, OQGN’s managing director told The National in an interview this month.

OQGN aims to expand its business and enter into hydrogen and “be a player in the CCUS [carbon capture, utilisation and storage]”, he said. It signed a preliminary agreement to “position the company as an infrastructure player for transportation of hydrogen,” he added.

There has been an IPO boom in the Middle East, with a number of companies listing their shares on regional stock markets such as the Abu Dhabi Securities Exchange, the Dubai Financial Market and Saudi Arabia’s Tadawul as economies recover from the coronavirus-induced slowdown on the back of higher oil prices and government reforms.

Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.

That was the highest share for the Gulf region after 2019 when Saudi Aramco went public in a $29 billion offering, the world’s largest.

oman’s oq gas networks set to raise up to $771 million in ipo

The Port of Duqm in Oman officially opened in February, 2022. Photo: Port of Duqm

oman’s oq gas networks set to raise up to $771 million in ipo

Oman plans to begin construction of the Middle East’s first space rocket launch facility in the port town of Duqm this year. The Etlaq Space Launch Complex, a project by the National Aerospace Services Company (Nascom), could see its first rocket launch early next year. Photo: Port of Duqm

oman’s oq gas networks set to raise up to $771 million in ipo

Saudi Arabia said it would invest US$120 million (Dh44.7m) in the development of Oman’s Duqm port into a major industrial hub. Fatma Alarimi / Reuters

oman’s oq gas networks set to raise up to $771 million in ipo

This picture taken on April 27, 2021 shows a partial view of the Rock Garden, also known as Duqm Stone Park, in the port town of Duqm in al-Wusta province in central-eastern Oman, about 540 kilometres south of the Gulf sultanate’s capital Muscat. The Rock Garden is one of Oman’s major geological sites, featuring unusual rock formations. / AFP / Karim SAHIB

oman’s oq gas networks set to raise up to $771 million in ipo

A Chinese investor poses for a picture on land in the Omani port town of Duqm where an industrial city, including an oil refinery, is due to be built following an economic agreement in 2016. Mohammed Mahjoub / AFP

oman’s oq gas networks set to raise up to $771 million in ipo

The Duqm port was officially opened in the presence of the Belgium’s King Philippe and Queen Mathilde.

News Related


School dress code debate: Is policing the way parents dress for pick-up necessary?

Anna Durrani could not believe her eyes when she saw a woman wearing a see-through mesh dress at the school gate one day. At another time, but in the same ... Read more »

Asian Games: Dubai’s Lahiri finds the going ‘tough’ at teeming West Lake golf course in China

Dubai-based Indian golfer Anirban Lahiri. – Supplied photo Dubai-based Indian golfer Anirban Lahiri admitted that he did not ‘capitalize’ on his chances as he finished tied for 12th at the ... Read more »

'Rajas-Maharajas Sold Themselves But...': Digvijaya's Veiled Dig At Jyotiraditya Scindia

‘Rajas-Maharajas Sold Themselves But…’: Digvijaya’s Veiled Dig At Jyotiraditya Scindia BHOPAL: Congress leader Digvijaya Singh, a rival of Jyotiraditya Scindia in Madhya Pradesh politics, on Sunday claimed “Rajas and Maharajas” ... Read more »

Beckham Defends Qatar World Cup Partnership, Says He Has "No Regrets"

Beckham Defends Qatar World Cup Partnership, Says He Has “No Regrets” David Beckham has defended his decision to work with Qatar to promote the 2022 World Cup, saying he believes ... Read more »

Are the alien remains presented to the Mexican Congress an elaborate hoax?

With their unusually shaped heads and tiny bodies, the supposed aliens shown recently to the Mexican Congress are like less cuddly versions of the eponymous main character from Steven Spielberg’s ... Read more »

Did you know Anupriya Goenka didn't get calls for 6 months post Tiger Zinda Hai, Padmaavat and War's success?

Did you know Anupriya Goenka didn’t get calls for 6 months post Tiger Zinda Hai, Padmaavat and War’s success? Anupriya Goenka is gearing up for her upcoming web series, Disney+ ... Read more »

Rivian R1T Inventory Shop Goes Live, Delivery Time As Low As 1 Week

2022 Rivian R1T Prospective customers can also order a custom configuration that can take as much as four months to complete. Rivian has officially opened its online inventory shop where ... Read more »

At least 11 killed in Spanish nightclub fire

A fire at a Spanish nightclub on Sunday morning has killed at least 11 people, authorities said, with rescue efforts still continuing. Firefighters were continuing to work at the scene ... Read more »

Zakat Fund allocates JD73,000 to settle debts of 110 women

AMMAN — The board of directors of the Zakat Fund on Sunday approved the allocation of JD73,000 to settle the outstanding financial debts of 110 gharimat (indebted women) facing financial ... Read more »

Israel tightens security around Al Aqsa as settlers enter compound

Dozens of Israeli Jewish settlers broke into the courtyards of Al Aqsa Mosque compound on Monday morning under the protection of Israeli police, according to the Palestinian Wafa news agency. ... Read more »

8 awesome Abu Dhabi events in October

abu dhabi skyline facebook Happy Monday, we hope you had a great long weekend. We’re finally in the fourth quarter, and it looks anything but empty with a bustling line ... Read more »

2023 Ferrari Cavalcade Classiche Video Shows Rare Race Cars, Retro GTs

2023 Ferrari Cavalcade Classiche From the 166MM to the 275 GTS. In the heart of Tuscany, against the backdrop of rolling hills, medieval villages, and picturesque vineyards, the 2023 Ferrari ... Read more »

Sunak rules out Shapps' plan for British troops to train fighters in Ukraine

Following Defence Secretary Grant Shapps’ suggestion that British troops could train forces in Ukraine, Rishi Sunak has said it is not for the “here and now”. The recently appointed political ... Read more »

Adah Sharma refuses to comment on Vivek Agnihotri’s The Vaccine War: ‘After The Kerala Story, I have…’

Adah Sharma refuses to comment on Vivek Agnihotri’s The Vaccine War: ‘After The Kerala Story, I have…’ What’s common between Adah Sharma’s The Kerala Story and Vivek Agnihotri’s The Vaccine ... Read more »

Houthis Launch Drone, Rocket Attack on Military Camp in Yemen’s Saada

The Iran-backed Houthi militias launched on Saturday an attack against a military camp in Yemen’s northern Saada province, killing one and injuring a number of people. The attack in the ... Read more »

Saudi National Orchestra and Choir to Perform in Bahrain on This Date

Saudi National Orchestra and Choir to Perform in Bahrain on This Date The Saudi National Orchestra and Choir will bring their beautiful melodies to Bahrain on Oct. 6 as part ... Read more »

Student fatally hit by vehicle after disembarking from school bus

Saudi Gazette report DAMMAM — In a heartbreaking incident, a student lost his life in the Eastern Province after being struck by a vehicle after the school day on Sunday. ... Read more »

6 new beauty and wellness spots to get pampered in Dubai

beige beauty feat From fabulous facials to pampering mani-pedis and aesthetic tweaks… Dubai’s beauty and wellness scene has witnessed a string of stunning new openings in recent months, perfect for ... Read more »

Meet 'Sabziwala' who cracked UPSC in 80's, took voluntary retirement as IAS officer after 34 years due to…

Meet 'Sabziwala' who cracked UPSC in 80's, took voluntary retirement as IAS officer after 34 years due to… One of the toughest exams to crack to become an Indian IAS ... Read more »

Gunman in Rotterdam shootings has troubled past, police reveal

A medical student suspected of shooting three people dead in Rotterdam has a history of psychotic behaviour and is likely to have targeted his victims intentionally, Dutch police and prosecutors ... Read more »

EXCLUSIVE VIDEO: Kumar Sanu opens up on politics in Bollywood; ‘Top heroes have a personal…’

EXCLUSIVE VIDEO: Kumar Sanu opens up on politics in Bollywood; ‘Top heroes have a personal…’ Indian playback singer Kumar Sanu is renowned for his substantial contributions to the music industry, ... Read more »

Brazil’s Lula undergoes hip surgery ‘without complications’: doctor

Brasília: Brazil’s President Luiz Inacio Lula da Silva is awake and recovering from hip surgery on Friday, which his doctor said went off without a hitch. “The surgery went without ... Read more »

Top US military officer steps down with 'wannabe dictator' swipe at Trump

Gen Mark Milley stepped down on Friday as the US military’s top officer, with a parting swipe aimed at his former boss Donald Trump, saying no soldier ever swore an ... Read more »

UAE leaders congratulate Emir of Kuwait on third anniversary of his accession to power

ABU DHABI, 30th September, 2023 (WAM) — President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, ... Read more »

“Super-slow” Quartararo despondent after woeful Yamaha sprint

Quartararo led home the Yamaha charge as he dropped one place from his grid slot of 14th, having failed to escape the first part of qualifying earlier in the day. ... Read more »

Study reveals which Zoom backgrounds make you look the most competent and trustworthy

A new study from Durham University in the UK has revealed which backgrounds will make you appear more reliable on video calls. Recently published in the journal PLOS One, research ... Read more »

Ningbo Open: Jabeur wins trophy

Ningbo Open: Jabeur wins trophy 30/09/2023 09:26, TUNIS/Tunisia (TAP)-Top seed Ons Jabeur, on Saturday night, won the Ningbo Open final by defeating Russian Diana Shnaider 6-2, 6-1. In the previous ... Read more »

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 29 September 2023 – Bybit, the world’s third most visited crypto exchange, is thrilled to have invited fans to an unforgettable experience ... Read more »

Asiad shooting: Sarabjot-Divya win silver in 10m air pistol mixed team event

Hangzhou, Sept. 30 — Indian shooters Sarabjot Singh and Divya TS bagged silver in the 10m air pistol mixed team shooting event at the Asian Games 2023 here on Saturday. ... Read more »

Brooks Koepka and Scottie Scheffler humiliated, take worst Ryder Cup loss in 96-year history

Brooks Koepka during Saturday morning foursomes at the 2023 Ryder Cup. Brooks Koepka and Scottie Scheffler put forth one of the worst performances of their careers on Saturday morning at ... Read more »
Kênh kiến thức kỹ năng, phát triển bản thân, hướng nghiệp, blog nhân sự