(MENAFN- Muscat Daily) Oman Oil Co, the sultanate's state-owned energy company, hired JPMorgan Chase & Co to advise on plans to seek a credit rating, according to two people familiar with the matter.
A rating from an agency such as Standard & Poor's or Moody's Investors Service Inc would allow the oil firm to potentially sell bonds and tap a larger group of investors, one of the people said, asking not to be identified as the information isn't public.
Oman Oil is building a US$6bn refinery and chemical complex together with Abu Dhabi government-owned fund International Petroleum Investment Co at Duqm in the sultanate. The oil producer agreed to buy Oxea from Advent International in 2013 to expand beyond refining.
The energy company is also asking banks to pitch for advisory roles in the planned public offering of some units, according to three other people with knowledge of the matter. Several local and international banks have submitted proposals, the people said, without naming the lenders.
The energy producer may offer shares in one business this year and others in 2015, Ahmed al Marhoon, director general of the Muscat Securities Market, said in a February 17 interview, without giving more details.
No one was immediately available for comment at Oman Oil, while a JPMorgan spokeswoman declined to comment.
Countries in the GCC, a group of six-oil producing Arab monarchies, are selling shares in state-owned companies to spur stock-market trading and citizens' participation in the local economy. State-run Qatar Petroleum raised QAR3.2bn by selling a 26 per cent stake in Mesaieed Petrochemical Holding to Qatar nationals earlier this year.
Oman Oil holds majority stakes in Oman Gas Co, Oiltanking Odfjell Terminals & Co, the Musandam power plant and Abraj Energy Services, among other businesses.
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