The stake in OQGN is due to be offered through the Oman Energy Trading Company and Oman Oil Services. Credit: corlaffra/ shutterstock.com.

Oman’s OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, is planning to proceed with an initial public offering (IPO) by selling up to a 49% stake in the company, reported Oman News Agency.

OQGN intends to list its shares on the Muscat Stock Exchange in October 2023.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This will allow investors to gain access to the exclusive operator and owner of the Natural Gas Transportation Network (NGTN).

Through the IPO, OQCN is expected to raise between $700m (OR273m) and $800m (OR312m), reported Reuters, citing a source with knowledge of the matter.

The IPO, however, is conditional on OQGN receiving the required regulatory approvals from the Capital Market Authority.

See Also:

OQGN managing director Mansoor Al Abdali was quoted by Oman News Agency as saying: “OQGN, as the exclusive operator of the NGTN in Oman, provides critical infrastructure to deliver gas that supports the industries and economy of Oman.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This listing, which we are proud to be conducting on the Muscat Stock Exchange, will allow us to move the company into the next chapter of growth.”

The stake in OQ Gas Networks SAOG is due to be offered by OQ through the Oman Energy Trading Company and Oman Oil Services.

OQGN chairman and OQ group CEO Talal Al Awfi said: “The IPO of OQGN is part of a broader divestment programme envisioned by the government and being implemented by Oman Investment Authority; the integrated sovereign wealth fund of the Sultanate of Oman.”

OQGN, which is the exclusive operator of Oman’s gas transport system, is engaged in natural gas supplies to power plants, free zones, industrial clusters, LNG complexes and other customers.

In March 2023, OQ raised $244m by floating a 49% stake in its oil drilling business, Abraj Energy Services.