Exolum and OQ, the largest energy company in Oman, have agreed on the sale of Exolum’s 40% stake in their joint venture OQL. OQL is the leading fuel logistics company in the country, with a market share of 70%.
Exolum and Oman collaborated in 2014 for the design, construction and operation of the Muscat Sohar Pipeline Project and the Al Jifnain terminal in Oman (MSPP). Over the past few months, the two companies have conducted several meetings to agree on the next steps, according to review periods. Both companies concluded that the best option for all parties was the divestment by Exolum of its stake, so OQ is now the owner of 100% of shares in OQL.
The company’s acquisition price was determined through a pre-agreed mechanism in the shareholders’ agreement.
This divestment will enable Exolum to dedicate capital to its investment plan for growth in diversification projects aligned with the energy transition.
(Source: TSM, Dec. 6-2022)