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According to Bloomberg News on April 28, according to Bloomberg News reported on Wednesday, Oman’s state-owned energy company OQ plans to sell assets and raise funds through the international bond market to provide for the planned expenditure of US$7.
9 billion in the next five years.
According to Bloomberg News, OQ does not expect to receive funds from the state.
So far, the state has invested $8.
6 billion in this energy company.
As oil prices and oil demand plummeted at the beginning of the epidemic last spring, OQ's main upstream sector and its refining business suffered losses in 2020.
Oman's OQ was created in 2019 by integrating 9 companies in the upstream, downstream and fuel marketing departments.
Oman’s national finances also suffered a great loss last year and will continue to suffer this year.
Oman is a non-OPEC oil-producing country and a member of the OPEC+ alliance.
It has been severely hit by the plunge in oil prices and demand in 2020, and it is seeking to raise more funds while cutting government spending.
Fitch Ratings stated in December last year that Oman’s fiscal deficit is expected to double in 2020, reaching 18% of gross domestic product (GDP), and shrink to 7% of GDP by 2024.
Fitch warned that Oman’s fiscal plan faces huge implementation and financing risks.
Earlier this month, Bloomberg reported that the Omani government is considering several options to fill the expanding budget loopholes, including the sale of OQ shares through an initial public offering (IPO).
OQ operates in 13 countries and is actively engaged in petroleum exploration and production, as well as fuel and petrochemical products.
Currently, it is wholly owned by the Oman government company.
Zhu Jiani is an excerpt from Bloomberg
The original text is as follows:
Oman's National Oil Firm To Sell Off Assets To Fund $8 Billion In Spending
Oman's state-held energy company OQ looks to sell assets and tap the international debt market in order to fund its planned US$7.
9 billion expenditures over the next five years, Bloomberg News reported on Wednesday, quoting a bond prospectus it had seen.
OQ does not expect to receive funding from the state anymore, which has so far poured as much as US$8.
6 billion in the energy firm, according to Bloomberg.
OQ suffered losses in 2020 at its major upstream division as well as the refinery business after oil prices and oil demand crashed at the start of the pandemic in the spring of last year.
Oman's OQ was created in 2019 through the integration of nine companies in the upstream, downstream, and fuel marketing sectors.
Oman's state finances also suffered a lot last year and continue to suffer this year, too.
Oman, a non-OPEC oil producer which is part of the OPEC+ alliance, has been hit very hard by the oil price and demand crash in 2020, and is looking to raise additional funding while it is cutting government expenditure.
Oman's fiscal deficit was expected to double to 18 percent of gross domestic product (GDP) in 2020, before narrowing to 7 percent of GDP by 2024, Fitch Ratings said in December, warning that Oman's fiscal plan faced large implementation and funding risks.
Earlier this month, Bloomberg reported that the government of Oman was looking at several options to plug the widened budget hole, including selling a stake in OQ via an initial public offering (IPO).
OQ operates in 13 different countries and is active in oil exploration and production as well as fuels and petrochemicals.
For now, it is wholly owned by the government of Oman.