Tethys Oil listing on DIFX delayed

Swedish energy firm Tethys Oil yesterday said its listing on the Dubai International Finance Exchange (DIFX) was delayed, but expected it would go through "soon".

The firm, which will be the first oil company to list on the exchange, said in May it expected to list this month.

"We are well on the way with the process and hope to have the listing sooner rather than later," Managing Director Magnus Nordin said. "We had planned earlier this year," he said, adding that no date had been set.

The company expects to start producing natural gas in Oman in the second half of 2009 and hopes to use the listing as a platform to tap Gulf wealth to help finance expansion. Tethys operates in Sweden, Spain, Turkey, France and Morocco.

Its shares are more than 16 per cent down this month, but are up almost 18 per cent this year. The DIFX is the only exchange in the Gulf open to issuers and investors from almost all nationalities and is aiming to fill a trading time gap between London and Singapore.

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