Oman’s OQGN to raise $1bn from global markets

Oman’s state-controlled OQ Gas Networks (OQGN) hope to raise $1 billion from global capital markets to diversify its funding sources.

The funding will be through the issuance of sukuk – Islamic bonds – and is planned to be listed on the London Stock Exchange, the company said in a filing on the Muscat Stock Exchange.

The issuances will depend on the QQGN’s funding requirements, subject to market conditions and regulatory approvals.

State-backed OQ owns a 51 percent stake in OQGN, which owns and operates the natural gas transmission infrastructure in the sultanate.

In an analyst conference call last week, Sultan Al Balushi, acting chief financial officer, said the company expects to complete work on three gas pipelines by the end of 2027.

Capital expenditure approved under the existing price control period is set OMR294 million ($765 million).

The sukuk programme will not change OQGN’s approved capex or business plan, the statement said.

In July OQGN reported a 7 percent year-on-year increase in net profit to OMR27 million for the first half of 2026 as revenue rose 7 percent to OMR96.4 million.

Shares in OQGN, which trade on the MSC, closed at OMR0.217 on October 1, up more than 13 percent in the past year.

Data from consultancy FGE NexantECA showed that the UAE and Oman were the only countries among five major Gulf crude producers to increase oil export revenues since the start of the US-Iran war, as they can bypass the Strait of Hormuz.

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