Oman Oil demand banks to help sell assets

Oman Oil Co., the State-run power producer of the Sultanate, is seeking advice from banks to sell some energy assets and list local stock market units, following the plans of Saudi Arabian Oil Co. to offer shares to the public.

The oil and gas producer, which has stakes in overseas business, wants to attract more foreign investment to the country, said Oman's oil Minister, Mohammed Al Rumhy. He did not identify the banks involved in the sale of energy.

The countries of the Gulf Cooperation Council, a group of six oil-producing Arab monarchies, are restructuring national oil companies-sale of shares, merger of units and cost reduction-after a drop in oil prices. Saudi Aramco is planning an initial public offering, which the Government claims will be the world's largest.


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