Oman will privatise three state-owned companies next year, according to a Reuters report, which quoted Finance Minister Darwish Al Balushi.
Gulf governments are expected to consider privatising state assets as they seek to raise cash at a time of lower oil prices, which have hit their revenues.
Oman posted a budget deficit of OMR2.68 billion in the first eight months of this year, against a OMR205.7 million surplus a year earlier, because of lower oil export prices.
Al Balushi early this year said the planned privatisation programme of a number of state-owned firms was under preparation and would be carried out in the next three years, after getting necessary approvals.
Oman government has plans to divest stakes in as many as eleven state-owned companies via initial public offerings in an apparent move to spur stock market trading and pass on the benefits of corporate earnings to the nationals. Like in the previous divestment programmes, priorities will be attached to those companies that make profit. According to reports, Oman Oil Refineries and Petroleum Industries is one of the companies identified for privatisation.
