Oman’s OQ Gas Networks Plans Muscat’s Biggest IPO in Almost Two Decades 

Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
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Oman’s OQ Gas Networks Plans Muscat’s Biggest IPO in Almost Two Decades 

Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.
Oman's OQ Gas Networks (OQGN) plans to float up to 49% of its shares.

Oman's OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, said on Monday it plans to float up to 49% of its shares, in what is expected to be the biggest initial public offering in the Sultanate in almost two decades.

The offering, which begins this month, will provide investors with access to growth in the company that holds a natural monopoly over essential gas transportation in the country, the company said in a statement.

OQGN is Oman's exclusive gas transportation system operator, supplying natural gas to the country's power plants, freezones, industrial clusters, LNG complexes and other customers.

OQ, directly and indirectly through Oman Energy Trading Company Limited and Oman Oil Services Limited, is offering up to 49% of the shares, the document said.

The selling shareholders reserve the right to amend the size of the offering at any time before the end of the subscription period at their sole discretion. Immediately following the offering, a minimum of 51% will continue to be held by OQ.

The company plans to pay a semi-annual dividend in cash to investors after the offering. A first dividend of 33 million rials for the first nine months of 2023 is estimated to be paid around January next year, and a second dividend of 11 million rials for the last three months of 2023 will be paid around April, 2024.

The planned IPO follows the flotation of OQ's oil drilling business, Abraj Energy Services, in March which raised $244 million from selling a 49% stake.

Oman follows Abu Dhabi and Saudi Arabia in looking at sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors and boost interest on their respective bourses.

OQGN's IPO is part of a broader divestment program being implemented by the Sultanate's sovereign wealth fund, the Oman Investment Authority, Talal Al Awfi, OQ's Group CEO was quoted as saying in the statement on Monday.

"The listing of OQGN, which owns and operates critical gas transportation infrastructure in Oman, is in line with this ambition while enriching the dynamically developing Omani stock market," Al Awfi said.



Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)

Saudi Arabia ranks first globally in road network connectivity and has made significant strides, advancing to fourth place in road quality among G20 nations. These achievements are part of the Kingdom’s ongoing efforts to enhance road safety, which have contributed to a nearly 50% reduction in traffic fatalities.
Saudi Minister of Transport and Logistics, Eng. Saleh Al-Jasser, announced these figures on Sunday, during his opening remarks at the Road Safety and Sustainability Conference under the theme “Innovating for Tomorrow,” attended by over 1,000 experts from 50 countries.
Al-Jasser highlighted that the Kingdom has implemented numerous initiatives to maintain the safety and quality of its road network. These include “the adoption of performance-based contracts to ensure transparency, optimize spending, and improve quality and service standards,” all in line with the objectives of the National Transport and Logistics Strategy under Vision 2030.
At a press conference on the sidelines of the event, acting CEO of the General Roads Authority, Eng. Badr Aldulami, shared that the Ministry of Transport oversees more than 75,000 kilometers of roads, while the Ministry of Municipal and Rural Affairs is responsible for over 115,000 kilometers, totaling nearly 200,000 kilometers designed to meet the highest standards in execution, quality, and safety.
For his part, Eng. Abdullah Al-Mogbel, honorary president of the International Road Federation, emphasized Saudi Arabia’s longstanding partnership with the federation, which includes over 119 member countries. He noted that the Kingdom has co-organized five conferences with the federation, all focused on improving road safety, maintenance, and performance.
The General Authority for Roads’ spokesperson, Abdulaziz Al-Otaibi, noted that road fatalities have decreased from approximately 28 per 100,000 people in 2016 to 13 currently, with a target of reducing this to 5 by 2030. This progress has been achieved by adopting advanced technologies, methodologies, and large-scale projects, including the use of a global AI-powered fleet to survey the entire road network, assessing factors such as cracks, skid resistance, and road strength.
He further noted that the Kingdom aims to preserve the environment through asphalt recycling technologies, which have cut maintenance time by up to 40% and reduced carbon emissions.
The conference, spanning two days, will feature over 130 scientific papers and showcase approximately 27 innovations and modern technologies, focusing on innovative transportation solutions and government policies aimed at reducing emissions and seamlessly integrating green infrastructure to enhance road safety. The event also includes an exhibition featuring 20 entities showcasing the latest developments in artificial intelligence, intelligent transport systems, and sustainable transportation.