(Bloomberg) -- Oman’s wealth fund has appointed Lazard Inc. to advise on a potential initial public offering of the state power utility, people familiar with the matter said, as the sultanate pushes ahead with a drive to sell shares in government-owned businesses.

The government plans to invite other banks to submit pitches for Oman Electricity Transmission Co.’s listing, the people said, asking not to be identified as the information isn’t public.

Representatives for OETC didn’t respond to requests for comment. A spokesperson for Lazard declined to comment. 

The Gulf nation is in the midst of a privatization drive to raise funds and deepen its capital markets. State energy firm OQ SAOC recently asked investment banks to pitch for the IPOs of its exploration and production business, as well as its methanol and liquefied petroleum gas unit, Bloomberg News reported earlier in February.

Read More: Oman Pushes On With IPO Drive After Record Listing

Oman, the largest non-OPEC oil producer in the Middle East, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That’s part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.

Last year, OQ floated its gas pipelines business in a record $749 million IPO for the country, as well as its oil-drilling unit Abraj Energy Services SAOG.

Read More: $47 Billion Gulf Wealth Fund Eyes IPO Spree After Record Listing

The Muscat Stock Exchange is among the smallest bourses in the region, with a market capitalization of just over $23 billion, according to data compiled by Bloomberg. 

--With assistance from Farah Elbahrawy.

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