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Oman’s OQ picks banks for $800m gas pipelines unit IPO

The float is part of Oman Investment Authority’s plan to bolster state coffers by diversifying their economies Reuters/Albert Gea
Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue.

Oman energy investment firm OQ SAOC has selected Bank of America Corp. and Bank Muscat as advisors for the initial public offering (IPO) of its gas pipelines unit, Bloomberg reported, citing people familiar with the matter.

The listing of OQ Gas Network is likely to raise nearly $800 million, sources said, adding the possibility of a dual listing in Muscat and Saudi Arabia.

The report noted that OQ’s dual listing move would be one of the Middle East’s first.

The size and location of the listing may change, with more banks likely to be included in the deal.

The float is part of Oman Investment Authority’s plan to bolster state coffers by diversifying their economies.

In June, Oman announced plans to sell shares in two of OQ’s units, as well as a manufacturing firm.