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.

 



Egypt Approves $91 Billion Budget for 2025/26

 The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

 The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.