𝐎𝐐𝐄𝐏 𝐄𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡𝐞𝐬 𝐔𝐒$𝟐 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐒𝐮𝐤𝐮𝐤 𝐏𝐫𝐨𝐠𝐫𝐚𝐦𝐦𝐞 𝐭𝐨 𝐄𝐱𝐩𝐚𝐧𝐝 𝐆𝐥𝐨𝐛𝐚𝐥 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐎𝐩𝐭𝐢𝐨𝐧𝐬

Oman’s upstream energy company, OQ Exploration and Production (OQEP), has established a US$2 billion sukuk programme to strengthen its financing flexibility and improve its readiness to access international debt capital markets. The programme creates a framework for potential future sukuk issuances, which may be listed on the London Stock Exchange’s International Securities Market, subject to funding requirements, market conditions and the necessary approvals. Importantly, the establishment of the programme does not mean financing has already been raised: OQEP has confirmed that no sukuk has been issued and no funds have been raised under the programme at this stage. Preliminary programme ratings have been assigned by S&P Global Ratings. The initiative gives OQEP another potential funding channel for refinancing, capital expenditure and general corporate purposes, while providing greater flexibility to respond to future financing needs.