Oman Oil IPO or stake sale to be completed by next year: Oil minister

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Oman is working on an inital public offering (IPO) or stake sale of its state-owned Oman Oil Co, and expects it to be completed in 2020, the country’s oil minister said.

“We are working on it, maybe by the end of next year the process will be completed,” Mohammed bin Hamad al-Rumhi said, responding to a question posed by a member of the audience at the annual Gulf Petrochemicals and Chemicals Association (GPCA) forum.

Oman Oil expects to list 20 to 25 percent of its shares in the IPO, al-Rumhi reportedly said at the event.

The country’s oil industry, which represents more than half of its gross domestic product, is divided between three companies. Petroleum Development Oman is the exploration and production arm, while the Oman Oil Co invests in global and local energy projects.

Oman Oil Refineries and Petroleum Industries Co (ORPIC) operates refineries and petrochemical plants. Last year, Oman Oil Co and ORPIC merged their downstream units and appointed a new group chief executive as part of a plan to integrate the two companies.

Al-Rumhi had previously told media that a proposed stake sale would be explored after the integration of Oman Oil Co and Orpic is consummated.

Oman is the biggest oil and gas producer in the Middle East outside the Organization of Petroleum Exporting Countries (OPEC).

His comments came a day ahead of key meetings between OPEC and its crude exporting allies in Vienna, where they will discuss deepening oil production cuts.