Oman Oil Company (OOC) has divested its 5 per cent stake in Spanish gas company Enagas through a secondary block trade.

The shares were marketed globally by book-runners Citigroup of the US and Deutsche Bank of Germany, with the majority of investors from the US and Europe, the Omani state-owned investment company said.

Enagas operates Spain’s gas grid and owns four liquefied natural gas (LNG) regasification terminals in the country.

“OOC has been privileged to be a significant shareholder in Enagas since June 2009,” says OOC’s CEO Isam bin Saud al-Zadjali. “OOC’s divestment is simply a factor of portfolio management – after holding its stake for almost six years.”

OOC has more than 40 assets in 15 countries. In Spain, the company also owns 10 per cent of oil transportation and storage group Compania Logisitica de Hidrocaburos (CLH).