BP's 49 per cent stake has been sold to state-owned Oman Oil Company SAOC, while BP retains a management role in the company. SAOG operates 74 filling stations in Oman, as well as civilian and military aircraft refuelling facilities.
Trowers' Oman partner Andrew Rae, who led the deal, said: “It was remarkable that the entire transaction, from the selection of bidders to final disposal, occurred in just four months.” He said that the deal combined aspects of private equity disposal with regulatory requirements relating to a listed company.
Trowers has acted for BP for 20 years. Earlier this year the firm acted for BP on its bid for a share of the $3.5bn (£2.2bn) Dolphin Energy gas production and pipeline project from Qatar to the United Arab Emirates. The firm also acted for Oman's fourth largest bank Bank Dhofar on its acquisition of 16 branches of the Commercial Bank of Oman.
