Oman's OQEP to Offer 25% Stake in IPO Starting End of September

The logo of the Omani company OQ in a gas field in the Sultanate (X)
The logo of the Omani company OQ in a gas field in the Sultanate (X)
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Oman's OQEP to Offer 25% Stake in IPO Starting End of September

The logo of the Omani company OQ in a gas field in the Sultanate (X)
The logo of the Omani company OQ in a gas field in the Sultanate (X)

The Financial Services Authority (FSA) in Oman on Sunday approved the prospectus of OQ Exploration and Production Company (OQEP) for public offering (IPO) starting from 30 September 2024.
The offering, which comprises a total of 2 billion shares, represents 25% of the company's issued share capital.
Given the size and market value of the company, the step constitutes the biggest public offering in the Gulf region, the company said according to Oman's state news agency.
The share price for Omani individuals will be calculated at a rate of 351 baisas per share while institutions may determine their own price range by building an order book (370 to 390 baisas per share).
OQ is a global integrated energy company, with roots in Oman and operations in 17 countries globally.
The company covers the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products reaching more than 80 countries worldwide.
OQ Alternative Energy focuses on investments in renewables and green hydrogen in Oman, according to the company’s website.

 



Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while US tariffs ensure demand concerns remain.

Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. US West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session.

The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude, Reuters reported.

"The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions."

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed US President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days.

ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce.

Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.

In the US, the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday.

US tariffs on European Union imports are set to kick in on August 1, though US Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc.

"Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore.

"It feels very much like a $64-$70 range in play for the week ahead."

Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.