Welcome to OQGN’s IPO

OQGN: The exclusive owner and operator of the natural gas transportation network - providing an indispensable link between Omani gas producers and gas consumers.

OQ Gas Networks SOAG (under transformation) (“OQGN”, or “the Company”) was incorporated in 2000 as Oman Gas Company SAOC, a closed joint stock company, and was renamed from Oman Gas Company to OQ Gas Networks in 2020. OQGN is fully owned by OQ S.A.O.C. (OQ), which is owned by the Oman Investment Authority (OIA).

On [4 September 2023], OQGN announced its intention to float up to [49] per cent of its total issued share capital on the Muscat Stock Exchange ("MSX"), which will result in OQ S.A.O.C. continuing to indirectly own at least [51] per cent of the capital of OQGN.

Through the share offering (“Offering”), OQGN is providing an opportunity for Omani and international investors to access Oman’s capital markets, and share in the wealth of our reputable infrastructure network. We hope that the Offering will help boost Oman’s economic growth, as well as provide further opportunities for development and innovation in energy within the Sultanate.

This website contains information about OQGN, the planned listing on the MSX and how you can subscribe to the Offering.

A message from OQGN's Managing Director

“OQGN, as the exclusive owner and operator of the gas transportation network in Oman, provides critical infrastructure to deliver gas to the people of Oman. We are proud to be delivering the OQGN Offering on the Muscat Stock Exchange, which will allow us to transition the company into the next chapter.

Our mission remains unchanged, ensuring the delivery of vital resources and supporting the growth of our customers and the Sultanate of Oman. OQGN is committed to ensuring the reliability, efficiency, safety and sustainability of our infrastructure. Together with our partners at OQ and OIA, we look forward to the listing and are excited by the opportunities it will bring – to our customers, the company, and the people of Oman”.

Mansoor Al Abdali

Managing Director, OQGN

Investment Highlights

IPO Timeline


IPO Information and Documents


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    4th Sep 2023


    Intention to float

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    Price Range Announcement


    19th Sep 2023

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    26th Sep 2023


    Offering Commencement

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    Close of Subscription for Category II Investors (Retail)


    5th Oct 2023

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    9th Oct 2023


    Close of Subscription for Category I Investors (Institutional Investors)

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    Announcement of the Final Offer Price


    12th Oct 2023

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    19th Oct 2023


    Commencement of Refunds to Category II Investors

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    Settlement Date


    19th Oct 2023

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    24th Oct 2023


    Expected listing date on the MSX

Key Documents

Offer Notice EN
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Offer Notice AR
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Prospectus EN
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Prospectus AR
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IPO Booklet EN and AR
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Full FAQs
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ITF Press Release EN
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ITF Press Release AR
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Make an informed decision:

  • Read the Prospectus to get more information about the Company, its initial public offering, and who is eligible to participate in the Offer.
  • Consult your legal, business, financial or tax adviser(s) for legal, business, financial or tax advice applicable to an investment in the shares.

Make sure you have an account at the MCDC:

  •  If you don’t have an investor account or a corresponding investor number with Muscat Clearing and Depository Company S.A.O.C. (MCDC); you may apply to obtain an investor number and open an account by completing the ‘MCDC Application’.
  • This may be obtained from the MCDC’s Head Office or its website at www.mcd.gov.om, or from brokerage companies licensed by the CMA. The completed form may then be submitted by you through any of the following channels:
  • At the head office of the MCDC, at P.O. Box 952, Postal Code 112, Ruwi, Muscat, Sultanate of Oman;
  • At the office of any brokerage company licensed by the CMA;
  • Via facsimile to MCDC at +968 24817491; and
  • By opening an account through the MCDC website at www.mcd.gov.om.
  • Remember that all your investments shall be registered in this account.

Subscribe to the Offering:

  • If you have decided that you would like to invest, subscribe to the Offering by placing an application with one of the Collection Agents.
  • Each Collection Agent will have its own channels, but they typically include the online website, a branch or through your bank relationship manager.

Allocation of shares:

  • Once shares are allocated, you may or may not receive the full allocation of your order.​
  • Any excess amounts paid pursuant to your application for shares will be refunded to you.

Collecting agents:

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What is OQGN, and what does the company do?
OQGN is the exclusive operator of Oman’s gas transportation system. We are the backbone of the country’s energy ecosystem – providing an indispensable link between Omani gas producers and gas consumers. The origins of OQGN trace back to the turn of the century when the Oman Gas Company (OGC) was established in 2000 by the Oman Ministry of Oil and Gas, and the Oman Oil Company. In 2019, OGC was incorporated and became OQ, an integrated energy company fully owned by the Government of Oman through the Oman Investment Authority. Over the last two decades, we have successfully transformed the business from a small gas transport company into a critical infrastructure player which is trusted and respected across the country – with stable, long-term demand and supply.
What geographies does OQGN operate in?
OQGN operates in Oman and is the exclusive operator of Oman’s gas transportation system.
What are OQGN’s competitive strengths?
OQGN has a natural monopoly over critical gas transportation infrastructure under a 50-year concession (up to 2070), providing an indispensable link between Omani gas producers and consumers, with stable long-term demand and supply. Oman is an attractive investment destination underpinned by political stability and economic growth, and OQGN has an experienced management team with a strong track record of successful project deliveries. Finally, OQGN has an established regulatory framework underpinning predictable cash flows with Allowed RAB Revenues not affected by fluctuations in gas prices or volume of the gas transported, with stable financial performance, a growing asset base, and efficient capital structure.
Who sits on the OQGN management team?
The management team brings decades of experience in the drilling sector to the table, with a deep understanding of the company and decades of experience at other top Omani NOCs and international firms. This has helped the company establish itself as a leader in the Omani energy services market, with the management team providing steady leadership.
Who are the existing OQGN shareholders? Who owns OQGN?
The selling shareholders are OQ S.A.O.C., OETCL and OOSL, which own [xx], [xx] and [xx] of the Offer Shares respectively.
Where is OQGN planning to list, and why on that particular exchange?
OQGN has announced its Intention to Float on the Muscat Stock Exchange (the “MSX”). The shares of the Company will be listed on the MSX in accordance with the laws and procedures that are in force on the date application is made for the listing and registration.
How has OQGN been performing financially?
OQGN has a stable financial performance with a total revenue of OMR 81.3 million in 2022. With an EBITDA margin of 44.5 percent in 2022, the company has solid and sustainable margins underpinned by a robust regulatory framework.
What is OQGN’s growth strategy?
OQGN has an ambitious three-pillar growth strategy. This includes (1) Pipeline network expansion - committed capex approved by the regulator in order to expand RAB return, (2) Acquisition of gas network – acquisition of additional metering stations operatorship of remaining gas connecting pipelines Oman and (3) Oman hydrogen strategy implementation – OQGN’s monopolistic position in Oman gas transmission sector makes OQGN a key actor in Oman transition to hydrogen.
What is the company’s policy on HSE and ESG?
As OQGN’s strategy priorities are aligned with Oman’s ambitious sustainability agenda, ESG is an integral part of OQGN’s business. OQGN has formed a dedicated sustainability team, including senior staff, which is tasked with overseeing and leading sustainability initiatives and to explore new initiatives to be considered under the Company’s sustainability strategy, with the sustainability performance being subject to review by the management-led sustainability committee and the Board. In addition, we are committed to developing and upskilling our employees and ensuring the highest safety and well-being standards.
What is OQGN’s dividend policy?
The Company intends to adopt a semi-annual dividend distribution policy to pay dividends in cash after the Offer in April and October of each year (subject to Board and OGM approval). The Company expects to pay the first dividend distribution of OMR 33 million for the first nine months of 2023 around January 2024 and expects to pay the second dividend distribution of OMR 11 million for the last three months of 2023 around April 2024. The Company currently expects to pay a dividend in respect of the fiscal year ending 31 December 2024, which will be the higher of 90% of the Company’s profit for the year ending 31 December 2024 or a 5% increase on the aggregate dividends paid for 2023. For 2025, the Company expects to pay a dividend, which will be the higher of 90% of the profit for the year ending 31 December 2025 or a 5% increase on the dividends paid for 2024.
How does the subscription process work?
Please visit the ‘How to Subscribe’ section on the OQGN IPO website for more information on how to apply for shares.
Who is eligible to subscribe to the offering?
The Offer will open in Oman to Omani and non-Omani individuals and legal persons who have their accounts with MCDC. All individuals and juristic persons who are nationals of or registered in (as applicable) the countries comprising the Gulf Cooperation Council are treated as Omani individuals and juristic persons for the purpose of owning shares in Omani SAOGs. The Applicants need to consider the Minimum Subscription and Maximum Subscription applicable to them when making an Application. No Applicant may be allotted more than 10 per cent of the Base Offer ([173,224,900] Offer Shares) without the approval of the CMA. Please contact the MCDC should you have any questions about your eligibility to subscribe at: Muscat Clearing & Depository Co. SAOC P.O. Box 952, Postal Code 112, Ruwi, Muscat, Sultanate of Oman Tel: +968 2482 2222 www.mcd.om
How does the subscription process work?
Please visit the ‘How to Subscribe’ section on the OQGN IPO website for more information on how to apply for shares.
What documents do I need to apply for shares?
Please contact your broker or the MCDC to confirm that your records with them are up to date and no further information is required by them to permit you to subscribe to the Offering. For the purpose of applying for the shares in the Offering, you will be required to complete an application form which is available from the Collection Agents, your broker or MCDC.
Which collection agents can subscriptions go through?
Details of the collection agents and the subscription process will be made available upon publication of the offer notice.
What percentage of OQGN’s share capital is being offered?
The Offering represents up to [40 percent] of the share capital of the Company being offered for public consumption.
How does the refund process work?
Category II Applicants will be allotted Offer Shares at the Offer Price less a discount of [] per cent. The Offer Price will be determined by the outcome of the bookbuild offering to Category I Applicants. Any refunds due to each Category II Applicant will be calculated based on the difference between (i) Category II Application Money paid by such Category II Applicant and (ii) the product of the number of shares allotted to such Category II Applicant and Offer Price less a discount of [●] per cent. The details of the Applicant’s bank account listed in the records of the MCDC will be used for transferring any refund. However, if an Applicant takes a leverage facility for the IPO from a Collection Agent, the refund will be made into the Applicant’s loan account with the respective Collection Agent.
Can bank customers use their mobile banking apps to digitally subscribe to the IPO?