China’s State Grid has agreed to buy a 49 per cent stake in Oman’s Electricity Holding Company, signalling a renewed push by the world’s largest utility to strike big-ticket deals for overseas assets.
State Grid said in a statement on Monday that the purchase — by far the largest Chinese investment on record in the small Middle Eastern country — would promote China’s Belt and Road Initiative, a controversial $1tn plan to build and invest in infrastructure across the Eurasian landmass and on to the fringes of Europe.
The Beijing-based electricity provider did not give any financial details, but people familiar with the matter said that the company would pay about $1bn for the stake in the state-owned Omani group, known as Nama.
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