State Grid Corporation of China completes 49% acquisition of Oman’s OETC
SGCC will utilise technologies and experience in grid operations management, with local partners, to improve operational safety and distribution capacity of Sultanate’s electric grid
The State Grid Corporation of China (SGCC) has completed the 49% equity acquisition of Oman Electricity Transmission Company (OETC) from the state-owned Nama Group.
Following the acquisition, which was completed on March 11, 2020 in Muscat, Oman, Nama will continue to hold the majority share in OETC, a statement from the company said.
As a technical partner, SGCC will utilise its technologies and experience in grid operations management, with its local partners in the region, to continue improving the operational safety and distribution capacity of the country’s electric grid, the statement added.
SGCC added that it was committed to becoming a long-term and stable international investor in the industry – including being one that upholds sustainable development strategies. It asserted that it always insists on long-term, local and market-oriented operations, the statement continued.
“Through advanced power transmission technologies, management experience and strong brand, SGCC seeks to fulfil its social responsibilities to accomplish with better results. In its approach to international stock assets acquisition in the overseas power and energy sector, greenfield development projects and asset operation management, SGCC follows the principles of equality and mutual growth,” the statement said.
Since 2008, SGCC has successively acquired stakes in firms in the Philippines (NGCP, 40%), Portugal (REN, 25%), Australia (46.56% of ElectraNet, 60% of SGSPAA and 19.9% of AusNet), Hong Kong SAR (HKEI, 21%), Italy (CDP Reti, 35%), Brazil (CPFL, nearly 85%), Greece (IPTO, 24%) and Oman (OETC, 49%).
SGCC has won multiple greenfield investment bids, including the Teles Pires transmission lines and the Belo Monte Hydropower UHV transmission project.
All of SGCC’s projects overseas that total $65 billion in value is operating smoothly with excellent performance, it said.
