Oman to merge oil funds: report

MUSCAT, April 24, 2017 – Oman is considering a merger of its main sovereign wealth funds, international media reported on Monday.

The move to combine the State General Reserve Fund, the largest in the Gulf country, with the Oman Investment Fund would create a new entity worth some USD 25 billion, Bloomberg reported.

The news came days after reports broke that Oman Oil Company is considering an initial public offering.

According to Oman’s minister of oil and gas, Mohammed Al Rumhy, stakes in other state entities will also go up for sale. Last week, he named Salalah Methanol Company and an unspecified drilling company.

While the OOC IPO may be modelled on the Saudi Aramco IPO scheduled for next year, the merger of Oman’s two largest sovereign funds follows Abu Dhabi’s example, with a new investment company with some USD 125 billion in assets on the agenda.

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