Oman plans to sell stake in national oil company: minister

Oman is planning to sell a stake in the state-owned Oman Oil Co, Saudi Oil and Gas Minister Mohammed Al-Rumhi said on Wednesday.

“We have plans to float a portion of our national oil company publicly, and we wish to meet the same price of Saudi Aramco’s initial public offering (IPO). Getting SAR 48 billion will be great,” he said at a panel discussion during the 14th edition of the GPCA Annual Forum.

The minister further said Saudi Aramco’s IPO may lead other national oil companies (NOCs) across the region to float a portion in local and international market.

Al-Rumhi did not disclose any further details about the float ratio, but Reuters quoted him saying that 20% to 25% of the company will be listed in an initial public offering (IPO) by the end of next year.

Elsewhere, Al-Rumhi also noted that attracting exceptional talent was one of the key challenges facing the industry.

He added that opportunities were abundant and cross borders partnerships between GCC petrochemical players was key to the industry’s success.