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Abraj Energy created in 2006 and has twenty terrestrial platforms
The drilling unit of Omani energy company OQ has decided that EFG Hermes Holding, the National Bank of Oman and Ahli Bank of Oman will advise them on their proposed initial public offering.
Abraj Energy Services is seeking mandatory regulatory approvals for stock sales, the company said in an email to Bloomberg.
The initial offering may also reach $500 million and take position in the first quarter of 2023, though the timeline is likely to change, said other people familiar with the matter, who asked not to be known because the data is not public.
Abraj Energy has made a ruling on the duration of the initial public offering and ify interested parties once it does, he said.
The sale of inventories is one of Oman’s plans to list state-owned enterprises and revive its inventory market. The sultanate joins its Gulf neighbors in promoting assets to finance the diversification of their economies.
OQ’s pipeline unit is also preparing for an imaginable dual directory in Muscat and Riyadh.
Oman pumps about 1 million barrels of oil per day. Although it is not a member of the Organization of the Petroleum Exporting Countries, it is part of OPEC’s broader alliance. The country recorded a budget surplus in the first component of the year. Thanks to the recent drop in oil prices.
Abraj Energy was created in 2006 and has about twenty land platforms, according to its website.
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