MUSCAT, Dec 16 (NNN-ONA) – The State Grid Corporation of China (SGCC), on Sunday, signed an agreement with Oman’s Electricity Holding Company (Nama Holding), to acquire 49 percent of it’s shares.
SGCC president, Xin Baoan said the move is a milestone in electricity cooperation between the two countries.
The contract is the largest single investment by a Chinese company in Oman, and the first major investment by the SGCC in the Arabian Peninsula.
The SGCC has assets of more than 600 billion U.S. dollars, serving more than 1.1 billion people in China, said Xin, adding that, it has invested and operated major energy networks in seven countries and regions, including Italy, Portugal, Greece, Australia and Brazil.
Chinese Ambassador to Oman, Li Lingbing, said, Chinese companies have undertaken projects in Oman, covering oil and gas exploration and production, electricity, communications, fisheries and processing industries, with a total business volume of over six billion dollars.
Nama Holding said, the agreement signed with SGCC aims at introducing the most advanced technology and management experience, to ensure steady economic development of Oman.
In the first half of 2019, China-Oman trade volume reached 10.6 billion dollars, up 6.3 percent from the same period last year, while China’s imports from Oman reached 9.2 billion dollars, up 8.4 percent year on year, according to statistics by the Chinese Embassy to Oman.– NNN-ONA