2 Minutes Read Reuters, DUBAI, July 5 – According to three persons acquainted with the situation, Oman’s state-owned transport group Asyad is considering selling a significant holding in its subsidiary Oman Shipping Company (OSC). According to two persons familiar with the subject, Asyad has asked banks to pitch for a mandate to help it examine a prospective sale in which Asyad might dispose up to 40% of its shares. On Monday, Asyad, which is held by the Oman Investment Authority, the country’s sovereign wealth fund, did not respond to a request for comment. A request for comment was similarly ignored by Oman Shipping Company. According to information on its website, OSC concentrates on the transportation of liquefied natural gas (LNG) cargoes to the international market, with a fleet that comprises very large oil carriers, product and chemical tankers, and bulk ships. Customers and partners include global energy broker Vitol, Brazilian miner Vale, global commodities dealer Trafigura, and energy majors BP and Royal Dutch Shell. According to the state-run Oman News Agency, Asyad said in June that it aims to restructure its activities to focus on logistics, port services, free zones, shipping, drydocks, and e-commerce. Oman is one of the poorest countries in the oil-rich area monetarily, making it more exposed to price changes in hydrocarbons, which accounted for nearly a third of its GDP in 2019. In recent years, the country has revealed plans to sell off state assets in order to address fiscal deficits that have grown as a result of a downturn in oil prices, which caused the country’s debt to gross domestic product ratio to rise from approximately 15% in 2015 to 80% last year. (With contributions from Saeed Azhar and Davide Barbuscia.) Peter Graff edited the piece.)/n
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