State-controlled OQ Gas Networks (OQGN) plans to raise USD 1 billion through a sukuk programme listed on the London Stock Exchange, as the Omani pipeline operator moves to diversify its funding sources.
In a filing on the Muscat Stock Exchange, the company said individual issuances will depend on its funding requirements, market conditions and regulatory approvals, adding that the programme will not alter its approved capital expenditure or business plan.
Capex under the current price control period stands at OMR 294 million (USD 765 million), with three gas pipelines due for completion by the end of 2027. OQGN posted first-half 2026 net profit of OMR 27 million, up 7% year on year, as revenue climbed 7% to OMR 96.4 million.
Gulf Economist Staff Writer