Oman State-run Oil Firm OQ will Make Initial Public Offering, Potentially Seek Billions

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
TT
20

Oman State-run Oil Firm OQ will Make Initial Public Offering, Potentially Seek Billions

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)

An Omani state-run oil and gas company announced Monday it will make an initial public offering of its exploration and production business, potentially seeking billions in a major move toward privatization in the sultanate.

OQ, formerly known as the Oman Oil Co., will offer up to 25% of shares in its exploration and production arm, the announcement said. It offered no proposed values for the deal, though Bloomberg quoted anonymous officials with knowledge of the deal suggesting the company could be worth an overall $8 billion, making the stake being put up worth some $2 billion, The AP reported.

“The intention to float OQ Exploration and Production reflects our commitment to unlocking new opportunities for growth, both for the company and for the sultanate of Oman,” OQ CEO Ashraf Hamed Al Mamari said in a statement.

The plan calls for the listing to take place in October, pending regulatory approvals. It plans dividends of $150 million for the first two quarters after that, with a planned dividend of $600 million annually, plus one linked to its performance.

OQ was founded in 2009 and is Oman's third-largest firm in the oil industry, following the state-owned Petroleum Development Oman and US firm Occidental Petroleum.



Scholz: EU Ready to Respond to US on Trade Tariffs

30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
TT
20

Scholz: EU Ready to Respond to US on Trade Tariffs

30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa

Europe wants to cooperate with the United States but the EU is ready to respond as one if Washington leaves it no choice by imposing tariffs on steel and aluminium, German Chancellor Olaf Scholz said on Sunday.
Speaking at the opening of the Hanover industrial trade fair which this year has Canada as its partner country, Scholz also insisted that Canada is an independent country.
US President Donald Trump has mused about annexing Canada and referred to the country as the 51st US state.
"We stand by your side!" Scholz said, adding: "Canada is not a state that belongs to anyone else. Canada is a proud, independent nation."
Addressing Trump's plans to introduce tariffs, Scholz said his answer to "my country first" policies was more free trade, greater competitiveness and more technological sovereignty.
Scholz argued that Europe was not naive but also not weak, and said trade wars hurt all sides, Reuters reported.
"So I say to the United States: Europe's goal remains cooperation. But if the US leaves us no choice, such as with the tariffs on steel and aluminium, we as the EU will react as one".