State-owned Oman Oil Company plans to list around 20-25% of its shares in an initial public offering (IPO) by the end of 2020, Oman’s Oil Minister, Mohammed Al-Rumhi, said on December 4, according to Reuters.

The minister explained that Oman could also consider inviting strategic partners to invest in the company alongside the IPO process.

It is worth mentioning that Oman Oil would become the second national oil company in the Gulf to raise cash this way after Saudi Aramco’s planned IPO. Additionally, this will help Oman raise funds from asset sales because of lower oil prices over the past few years.

Al-Rumhi pointed out Oman plans to invest more than $20 billion in downstream operations in the next five years.