Oman Oil Company mulls IPO

Oman

MUSCAT, April 20, 2017 – Oman Oil Company (OOC) is laying the groundworks for an initial public offering, Oil Minister Mohammed Al Rumhy said on Thursday.

Speaking in Abu Dhabi, the minister said OOC had reached out to banks for advice on the move.

“We are looking at the IPO option because we want to give a boost to the local stock market, and we want to see more foreign direct investments coming to the country,” Al Ruhmy said in comments on the plans.

He added that OOC was also considering the sale of assets, yet ruled out the possibility of the entity selling shares in Petroleum Development Oman.

Shares are to be floated on the local stock market.

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