Muscat: OQ Gas Networks S.A.O.G. (under transformation) (“OQGN” or the “Company”) today announces its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and listing on the Muscat Stock Exchange (“MSX”), which is expected to take place in October 2023, subject to receiving the required regulatory approvals from the Capital Market Authority of the Sultanate of Oman (the “CMA”). The Company’s planned listing will allow investors to gain exposure to the exclusive operator and owner of the NGTN.

Mansoor Al Abdali, Managing Director of OQGN, said: “OQGN, as the exclusive operator of the NGTN in Oman, provides critical infrastructure to deliver gas that supports the industries and economy of Oman. This listing, which we are proud to be conducting on the Muscat Stock Exchange, will allow us to move the company into the next chapter of growth. The core focus of OQGN will remain unchanged, focusing on the delivery of vital resources supporting the growth of our customers and the Sultanate of Oman. Our work is underlined by a commitment to reliability, efficiency, safety and sustainability. Together with our partners at OQ and OIA, we look forward to the listing and are excited by the opportunities it brings – to our customers, our investors, our employees, and the people of Oman”.

Talal Al Awfi, OQ Group CEO and OQGN Chairman, said: “The IPO of OQGN is part of a broader divestment programme envisioned by the government and being implemented by Oman Investment Authority (OIA) – the integrated sovereign wealth fund of the Sultanate of Oman. This marquee offering is an opportunity for Omani and international investors to participate in Oman’s Vision 2040, the long-term national development plan that aims to make Oman a prosperous, competitive and sustainable nation and to rapidly diversify its economy. The listing of OQGN, which owns and operates critical gas transportation infrastructure in Oman, is in line with this ambition while enriching the dynamically developing Omani stock market. We look forward to the listing on the MSX and are excited for what’s to come”.