Oman state-run oil firm OQ will make initial public offering and potentially seek billions

Associated Press

DUBAI, United Arab Emirates (AP) — An Omani state-run oil and gas company says it will make an initial public offering of its exploration and production business, potentially seeking billions in a major move toward privatization in the sultanate. OQ, formerly known as the Oman Oil Co., follows moves by the Saudi oil giant Aramco and the Abu Dhabi National Oil Co. to seek to raise money through the markets. It also could provide a boost for its local Muscat Stock Exchange, long viewed as being the sleepiest among the Gulf Arab states. OQ said Monday it will offer up to 25% of shares in its exploration and production arm.