#Oman Considers Sale of $3 Billion German Unit OQ Chemicals (Oxea) - Bloomberg

Oman Considers Sale of $3 Billion German Unit OQ Chemicals (Oxea) - Bloomberg

Oman’s state energy company OQ SAOC is weighing a sale of its German chemicals business as the Persian Gulf sultanate seeks ways to steady its finances, according to people familiar with the matter.

The Muscat-based group is speaking with potential advisers as it explores options for OQ Chemicals, formerly known as Oxea, the the people said, asking not to be identified discussing confidential information. The business could be valued at about $3 billion in any sale, the people said.

Deliberations are ongoing, and there’s no certainty they’ll result in a sale, according to the people. A spokesperson for OQ Chemicals directed queries to its parent company. A representative for OQ didn’t immediately respond to a request for comment.

Under Sultan Haitham Bin Tariq, who came to power last year, Oman has been seeking to use its energy assets to raise money and lower a budget deficit that soared as the Covid-19 pandemic spread, battering oil prices and tourism.