Oman Oil Marketing fully exits Sultanate Energy in Tanzania

Oman Oil Marketing Company has informed the Muscat Stock Exchange that it has entered into a Share Purchase Agreement (SPA) to sell its 100 per cent stake in Sultanate Energy Company Limited, its wholly owned subsidiary.

Sultanate Energy is engaged in fuel service operations in the United Republic of Tanzania.

Completion of the transaction is subject to the fulfilment of customary conditions. Oman Oil did not disclose any further information, including the name of the buyer.

In the filing, the company said: “This transaction forms part of the Company’s ongoing strategic review of its international portfolio and reflects its focus on optimising operations and strengthening long-term value for shareholders.”

Upon completion, the transaction will allow Oman Oil to further focus on core markets and growth opportunities.

The company said it will make further disclosures upon satisfaction of the conditions precedent and completion of the transaction, in accordance with applicable laws and regulatory requirements.