Musandam Power Company, a majority-owned subsidiary of the Oman Oil Company, plans to launch its initial public offering (IPO) in 2018, a senior official at the Capital Market Authority (CMA) told Muscat Daily.

“We hope to see the IPO of Musandam Power before the end of the year. Musandam Power is a company of Oman Oil and it would be really good for the market to have this IPO,” Abdullah bin Salim al Salmi, executive president of the CMA said.

Musandam Power recently signed a power purchase agreement with Oman Power and Water Procurement Company (OPWP) for the sale of electrical power generated at the company’s independent power plant in the Musandam governorate to OPWP.

The plant generates 120 MW of power and will, under the deal, cover growing demand in the Musandam governorate for a period of 15 years.

In January, OPWP CEO Yaqoob Saif Hamood al Kiyumi stated that four power generation companies and two water desalination companies will launch their IPO’s on the Muscat Securities Market within three years.

Dhofar Generating Company, operator of a major power plant in the Dhofar region, recently launched its IPO.