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Oman's OQ Exploration and Production Raises $2 Bln in IPO

OQEP is the exploration and production business of Oman's state oil group
OQEP is the exploration and production business of Oman's state oil group
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Oman's OQ Exploration and Production Raises $2 Bln in IPO

OQEP is the exploration and production business of Oman's state oil group
OQEP is the exploration and production business of Oman's state oil group

OQEP, the exploration and production business of Oman's state oil group, has raised $2.03 billion from its initial public offering (IPO) on the local stock exchange, it said on Thursday.

OQEP, which is floating around 2 billion shares equal to a 25% stake, said in a statement the offering was priced at the top of its indicative range of 370-390 baizas per share and was oversubscribed by around 2.7 times, including anchor investors.

The listing is part of a privatization program by state-owned energy group OQ, which is helping Oman to diversify its economy and cut its debt, Reuters reported.

It follows last year's IPOs of OQ's pipeline business, which raised $771 million, and oil and gas drilling business Abraj Energy Services, which raised $244 million.

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Saudi Fund for Development Finances 3 Development Projects in Serbia Worth $205 Million

The agreements cover three projects - SPA
The agreements cover three projects - SPA
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Saudi Fund for Development Finances 3 Development Projects in Serbia Worth $205 Million

The agreements cover three projects - SPA
The agreements cover three projects - SPA

The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth $205 million to fund key projects supporting the agriculture, education, and energy sectors, according to an SFD press release issued today.
This partnership, marking the SFD’s first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth. The agreements cover three projects: $75 million for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project, SPA reported.
Deputy Prime Minister and Minister of Finance of Serbia Siniša Mali stated: “We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community.”
He added: “The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”
CEO of the SFD Sultan Al-Marshad said: “Supporting sustainable development through strategic funding in infrastructure and education is central to our mission.”
According to the release, the SFD is committed to supporting sustainable development globally. As the official development arm of the Kingdom of Saudi Arabia, the SFD has financed more than 800 projects in over 100 countries, with total funding of $20 billion. In 2024, the SFD celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.