Oman state energy firm OQ is considering two IPOs this year
Image Credit: X

Muscat: Oman's state energy company OQ SAOC is considering selling shares in two units this year as the country seeks to raise funds and deepen capital markets by listing government-owned businesses across the economy.

OQ is evaluating plans to list its exploration and production business, as well as a methanol and liquefied petroleum gas fuels unit, said Ashraf Al Mamari, the acting chief executive officer for the group. It's still too early to discuss possible valuations, he said.

Oman, the biggest Gulf oil producer that's not a member of OPEC, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That's part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.

Bloomberg reported earlier this month that OQ had asked banks to pitch for roles on the initial public offerings of the two units. OQ Exploration & Production may raise about $1 billion in an IPO, people familiar with the proposals said at the time.