Oman’s state-run energy company OQ is planning an initial public offering for its subsidiary, OQ Base Industries – the country's only producer of methanol, ammonia and liquefied petroleum gas products – on the Muscat Stock Exchange, amid a flurry of listings by the energy major.
OQ plans to offer up to 49 per cent of its shares to the public, with OQ Base Industries expected to start trading in December, after the subscription period starts this month, the company said in a statement on Monday.
OQ Base Industries is the latest in a string of OQ subsidiaries that have been listed on the country's stock exchange. It follows the float of OQ Exploration and Production that raised a record $2 billion, as well as OQ Gas Networks and its gas drilling business Abraj Energy Services.
"The offering ... is a pivotal step, advancing OQ’s growth and aligning with its ambitions to expand its product reach to global markets," said Ali Al Lawati, chairman of OQ Base Industries. "The offering opens doors for local, regional, and international investors to invest in a major Omani asset with considerable growth potential in the global market.”
Strong interest
OQ Base Industries is working to "get the fair share price from our advisers and the bankers", Khalid Khalfan Al Asmi, chief executive of the OQ subsidiary unit, told The National on Monday.
The company is already recording strong interest from initial discussions. "Investors are actually approaching us to be part of this IPO journey," Mr Al Asmi said. "There are active discussions that are happening. We are targeting retail and anchor investors, international and local.
"We believe that we will be able to secure investors who are interested enough and believe in our story, looking into our past and projecting into the future, to be part of the IPO journey."
The company has expanded its business to three plants, up from only one when it began operations in 2010. "We are growing quickly and we're aiming to grow even quicker in the future," Mr Al Asmi said. "The IPO is actually a chapter in the big picture."
The planned listing adds to a flurry of listings in the Gulf country. "The market itself is very active and it's been looking for IPOs," Mr Al Asmi said. "This is part of the government's vision to enhance the Muscat stock exchange."
Green and blue ammonia
OQ Base Industries, based near the Port of Salalah, exports all of its produced methanol and ammonia and 87 per cent of its LPG products. It benefits from direct proximity to the main East-West shipping lane, which provides a quick access point to the wider Middle East, Indian subcontinent and East Africa, which are among the fastest demand growth regions for the company’s products.
The company expects potential for future growth amid market projections that, by 2030, methanol demand will grow by 21 million tonnes, free-traded ammonia will grow by five million tonnes and LPG by 39 million tonnes, Mr Al Asmi said.
"All the markets we operate in are expected to grow even further and that will give us a good story when we consider any future projects," he added.
Ammonia exports are being driven particularly by increased demand from African countries for fertilisers, while demand for methanol is boosted by the shipping industry seeking methanol-fuelled vessels and LPG demand buoyed by the petrochemical industry.
The company is also exploring the possibility of expanding into green and blue ammonia production, Mr Al Asmi said. "It will all depend on the demand and supply, and the market transition to green or blue ammonia," he said.
"Our geographical location in Oman, having access to sun and wind, I can confidently say that we are in a very good position to transition to blue or green ammonia if the circumstances allow."
OQ Base Industries reported revenue of $510 million and an adjusted Ebitda margin of 43.1 per cent in the year up to December 2023. It expects by January to pay a dividend of about 24.5 million Omani rials ($63.6 million) for the first nine months of 2024 and then a second tranche of about 8.2 million rials by April.
In the first half of the year, the company recorded revenue of more than $500 million and Ebitda in excess of $200 million, Mr Al Asmi said. In 2024, "we are growing in the same trajectory of strong financials" compared to the previous year.
All proceeds from the offering will be paid to the selling shareholders, OQ Base Industries said.
Bank Dhofar, Bank Muscat and Morgan Stanley International have been appointed as joint global co-ordinators. Kamco Investment Company and BSF Capital have been appointed as joint bookrunners.
Company%20profile
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THE%20FLASH
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Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
COMPANY%20PROFILE
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The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.4-litre%2C%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E617hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh630%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
UAE currency: the story behind the money in your pockets
India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPurpl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EKarl%20Naim%2C%20Wissam%20Ghorra%2C%20Jean-Marie%20Khoueir%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EHub71%20in%20Abu%20Dhabi%20and%20Beirut%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E12%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%242%20million%26nbsp%3B%3C%2Fp%3E%0A
COMPANY%20PROFILE
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Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
Company%20profile%20
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