Like many of its GCC neighbors, Oman is trying to shift its economy away from dependence on hydrocarbons. Part of this includes raising billions of dollars from the sale of minority stakes in government-owned companies, with the proceeds reinjected in the non-hydrocarbon sector. The main company selling-off stakes is state energy firm OQ which has subsidiaries across Oman’s upstream, midstream, and downstream oil and gas, as well as the country’s burgeoning renewable energy industry.
OQ’s ultimate shareholder is sovereign wealth fund Oman Investment Authority (OIA) which has been running the divestment program on behalf of the government. Money raised through divestments will be diverted to funding the private sector through vehicles like the $5bn Future Fund (MEES, 26 January). But OIA also transfers part of its profits directly to the Ministry of Finance including OMR 800mn ($2bn) in 2023. (CONTINUED - 690 WORDS)
