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Oman plans IPOs for downstream energy firms

April 21/2017

MOSCOW (MRC) -- Oman plans to offer shares in some state-owned downstream energy companies to the public, partly to raise money as low oil prices pressure its finances, Omani Oil and Gas Minister Mohammad bin Hamad al-Rumhy said on Thursday, reported Reuters.

The companies include Salalah Methanol Co and a drilling company, Rumhy told reporters without naming the drilling firm or giving any financial details.

Oman has been considering privatization of a wide range of state firms for several years but has not yet moved ahead with the program, and Rumhy did not say when the initial public offers might take place.

Salalah Methanol, founded in 2006, is owned 90% by state-run Oman Oil Co and 10% by Takamul Investment Co, and has a methanol production capacity of 3,000 tpd, according to its website.

As MRC informed before, Oman Refineries and Petroleum Industries Company (Orpic) plans to raise capacity of its polypropylene (PP) plant to 340,000 tpa of high quality PP from 200,000 tpa. The plant is part of the government's vision to develop the petrochemical industry. It is also part of the efforts made by the Sultanate to diversify sources of national income and benefit from gas production.
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, propylene, ethylene, petrochemistry, Oman Oil Company, Orpic, Oman.
Category:General News
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