Oman Financial News

IPO. The IPO with a face value of Rs 2 consists of a fresh issue of up to Rs 200 crore and an offer for sale (OFS) of up to 9.13 million by the promoter and other selling shareholders. Under the OFS, Sunil Suresh and Shubha Sunil plan to offload up to 1.18 million equity shares, and Oman India Joint Investment Fund II plans to sell up to 5.54 million shares. Other selling shareholders include Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati. In 2018, Oman India Joint Investment Fund had invested in the company, securing a 26% ownership stake.

₹200 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth ₹200 crore, and an offer-for sale of up to 9.13 million shares by existing shareholders, including the promoter group. The sofa maker said that founders Shubha Sunil and Sunil Suresh plan to sell up to 1.18 million shares in the OFS, while Oman India Joint Investment Fund II plans to offer up to 5.54 million shares.

Narendra Modi extended his congratulations to the Indian Men's Hockey team for their triumphant performance in the Hockey5s Asia Cup. India's men's hockey team secured the championship title in the first-ever Men's Hockey5s Asia Cup by clinching a penalty shootout victory over Pakistan in the final. The match ended in a 4-4 tie at the final whistle, with India ultimately prevailing 2-0 in the penalty shootout.

G20 Summit, Northern Railways has decided to cancel and divert over 200 passenger trains temporarily from September 8 to 11 here, a notification stated on Saturday. According to the schedule, over 90 trains have been cancelled on September 9. More than 100 passenger trains will be cancelled on September 10 as well.

Pakistan in the inaugural Men's Hockey 5s Asia Cup 2023 on Saturday. The Indian Team confirmed their spot after a comprehensive 10-4 win over Malaysia in the semifinal on Saturday. Meanwhile, Pakistan reached the Final after defeating Oman 7-3 in the first Semi-Final.

New Delhi: The government has increased the price of natural gas to $8.60 per metric million British thermal unit (mmBtu) for September, from $7.85 in August. However, the price of the gas from the nominated gas fields of ONGC and Oil India has been kept unchanged at the price cap of $6.5 per mmBtu. "The price of domestic natural gas for the 1st September 2023 to 30th September 2023 is notified as $8.60/MMBTU on gross calorific value (GCV) basis," said the notification dated 31 August.

Uzbekistan and Oman in the US next month. The USMNT will take on the White Wolves of Uzbekistan on September 9 in St. Louis and Oman’s Gulf Samba three days later in Minnesota. They will meet Ghana and Germany in October.

Since reaching a high of nearly $69,000 in November 2021, Bitcoin has experienced a massive pricess drop, marking the cryptocurrency's most prolonged bear market so far.

India is launching a major outreach with key members of the Arab World through G20 to build momentum in strategic partnership and economic linkages. Besides Saudi Arabia, which is a G20 member, leaders of the UAE, Oman and Egypt are expected to attend the G20 Summit as invitees. All four are close strategic partners of India with the Egyptian President attending the Republic Day Parade as the chief guest this year and PM Narendra Modi visiting Cairo in June. Ties with Egypt have received fresh momentum since 2021 with regular defence exchanges.

BPCL) on Monday said it will spend around ₹1.5 lakh crore in the next five years, towards its transformative initiative, 'Project Aspire'. As part of Project Aspire, the oil marketing company will not only grow its oil business but also expand its renewable energy portfolio as it aims for a 2040 net-zero goal, chairman and managing director G Krishnakumar said at its 70th annual general meeting. «The company has set a planned capex outlay of around ₹1.5 lakh crore in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations,» Krishnakumar said at the meeting. Krishnakumar also said BPCL would invest ₹1 lakh crore between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions. BPCL will also invest ₹10 lakh crore to set up 50 megawatts of captive wind power plants for its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India. The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040. Bharat Oman Refineries' merger with BPCL has provided a significant boost to refining capabilities of the company, Krishnakumar said, adding that BPCL is expanding the capacity of its Bina Refinery from 7.8 MMTPA to 11 MMTPA, thereby securing its markets in northern and central India. The capacity of the Bina refinery after the expansion will be around 220,000 barrels per day (bpd). BPCL is also building a Rs 490-billion ethylene cracker at 156,000 barrels per day (bpd) at its Bina refinery. The ethylene cracker will raise the Bina refinery's share of petrochemicals in its business to 8%.

Bharat Petroleum Corp (BPCL) on Monday said it will spend around Rs 1.5 trillion, in the next five years, towards its transformative initiative, 'Project Aspire'. As part of Project Aspire the oil marketing company will not only grow its oil business but also expand its renewable energy portfolio as it aims for a 2040 net-zero goal, Chairman and Managing Director G Krishnakumar said at its 70th annual general meeting. «The company has set a planned capex outlay of around Rs 1.5 trillion in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations,» Krishnakumar said at the meeting. Krishnakumar also said BPCL would invest Rs 1 trillion between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions. BPCL will also invest Rs 10 billion to set up 50 megawatts of captive wind power plants for its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India. The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040. Bharat Oman Refineries' merger with BPCL has provided a significant boost to refining capabilities of the company, Krishnakumar said, adding that BPCL is expanding the capacity of its Bina Refinery from 7.8 MMTPA to 11 MMTPA, thereby securing its markets in northern and central India. The capacity of the Bina refinery after the expansion will be around 220,000 barrels per day (bpd). BPCL is also building a Rs 490-billion ethylene cracker at 156,000 barrels per day (bpd) at its Bina refinery.

₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

The Sultanate of Oman is continuing its push into the world of cryptocurrency with a series of multi-million-dollar investments. 

₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

Laos state-owned electricity distribution company Électricité du Laos (EDL) has announced that it will suspend electricity supply to crypto mining operations in the country, citing various reasons such as the struggle to generate enough power amid drought conditions.

Tent Pegging World Cup held in South Africa. Tent Pegging is a cavalry sport wherein the rider is supposed to pick a wooden block, placed on the ground, with a spear.India, who secured a podium finish on Saturday, had finished at the sixth and the seventh spots in the last two editions of the Tent Pegging World Cup. The most recent edition — fourth — was originally slated to be held in 2022, but was delayed due to the COVID-19 pandemic. The International Tent Pegging Federation comprises 29 countries, which earn World Cup qualification while being divided in groups of four teams each. During its general assembly in Oman, a draw was conducted for each national federation to pick a group.

G20 summit in New Delhi next month. Trudeau assured Zelenskyy of continued support and stated they would strongly advocate for Ukraine. The summit invited Netherlands, Singapore, Spain, UAE, Oman, Bangladesh, Egypt, Mauritius, and Nigeria as "guest countries." Ukraine was similarly invited to previous G7 and NATO summits to show support amid its conflict with G20 member Russia.

Megaport chairman Bevan Slattery has given the green light to start construction on an undersea connection from Sydney to Perth, signing with Alcatel Submarine Networks to build the 5000 kilometre cable.

Oman has launched a new digital asset mining facility, the second flagged off within months as it seeks to diversify the economy away from oil exports. 

The Sultanate of Oman, a 4.5-million populated nation, neighboring Saudi Arabia and the United Arab Emirates, has launched a new crypto mining center, the second mining facility to open in the country in ten months. 

India Men's Junior Hockey Team will face off against Germany today at 10:30 pm in the second match of the 4-Nation Dusseldorf 2023 tournament. The tournament is being played as part of the preparations for the upcoming FIH Hockey Men's Junior World Cup 2023 which will be played in Malaysia between 5-16 December this year.