Reuters reveals Oman state energy firm OQ may sell drilling business

Reuters broke the news that Oman’s state energy company OQ is considering selling its drilling unit Abraj Energy Services, as the Gulf nation seeks to shore up its finances that have been hit by the coronavirus pandemic and last year’s oil price plunge. Oman, rated sub-investment grade by all major credit rating agencies, has struggled in recent years to tame widening deficits and faces large debt maturities in the next few years. Last year, it launched a new fiscal plan to wean itself off its dependence on revenues from crude.