Exolum has sold to OQ, its stake in the joint venture OQL (OQ Logistics LLC), which they had held since 2014 for the design, construction, and operation of the Muscat-Sohar oil pipeline project and the Al Jifnain terminal in Oman (MSPP), reported the company, which did not specify the amount of the divestment.
Specifically, the ‘joint venture’ was 40% owned by the former CLH, while the Omani company had the remaining 60% of the capital. With this operation, the group thus leaves the Oman market.
In this way, OQ acquires Exolum’s participation in QOL in its entirety, taking over 100% of the company at an acquisition price agreed upon between the shareholders.
Exolum pointed out that this divestment will allow it to dedicate the capital obtained to its growth investment plan in its diversification projects aligned with the energy transition.
The agreement between both companies contemplated specific windows to review the continuity of both partners in the ‘joint venture’ and, after having held numerous meetings in recent months to agree on the next steps in accordance with said review periods, both concluded that the most convenient option for all parties is the divestment of Exolum in the aforementioned joint venture.
