Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
Tencent Music to Establish Joint Venture with Universal Music
Trending: How U.S.-China Relations Are Causing Netizens to Read the Small Print as Rumors Fly
Qualcomm Lobbies U.S. to Resume Chip Sales to Huawei
Trending in China: Excited About Returning to College Campuses? Not So Quick With Covid-19 Controls
Twitter Joins Microsoft as Another Possible Purchaser of TikTok’s U.S. Business: Report
Electric-Car Maker XPeng Files for U.S. IPO
Xiaomi Still Top Dog in Indian Smartphone Market Despite Tensions
Trending in China: Can You Really Launch a Company Without Saying What it Does?
China’s WeWork rival Ucommune withdraws $100m US IPO, eyes backdoor listing
SMIC Profits Soar to $138m in Second Quarter
Foldable Phone-Maker Plans Shenzhen IPO, Dispelling Rumors of U.S. Listing
Astra Inks Oxford Vaccine Production Deal with China’s Kangtai
Trending Story: Are Any New Graduates Really Worth 2 Million Yuan a Year? Netizens Discuss!
Trending in China: Popcorn or Cheaper Tickets - What Would Make You Return to the Cinema?
Tesla Challenger Xpeng Raises $400 Million Before Planned U.S. IPO
CATL Announces it Will Supply Batteries for Mercedes-Benz New Electric Sedan
TikTok Sees No Slowdown in Global Popularity Despite Indian Ban and U.S. Threats
China’s State Grid Acquires 49% Stake in Oman Power Network

By Dave Yin / Dec 17, 2019 06:06 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

State Grid Corp. of China, the largest utility company in the world and the country’s main power distributor, agreed to buy 49% of Oman Electricity Transmission Co., a state-owned power transmission company in the Middle Eastern country.

State Grid and Electricity Holding Co., which is also known as Nama Holding and owner of Oman Electricity Transmission, signed an agreement on the deal Sunday.

State Grid did not disclose the value of the transaction, but a statement posted by Electricity Holding on Twitter said the deal was worth around $1 billion.

State Grid is among a number of Chinese power companies that have recently stepped up efforts to expand their business presence abroad. Earlier this month, a consortium of Chinese companies led by China Huadian Corp. was reportedly in talks to acquire a controlling stake in Argentine power generator Stoneway Group LP.

The deal is the single biggest investment in Oman by a Chinese company. It is also the first major privatization by the Middle East’s largest non-OPEC oil producer.

“Through this privatization program, Nama Holding will support the government’s objectives of attracting foreign direct investments into the country and promoting private-sector participation as part of the wider nation-building process,” Electricity Holding said on Twitter.

The investment also marked another State Grid foray into a foreign market, following deals in Italy, Portugal, Greece, Australia and Brazil, among others. The company recently concluded an acquisition of some of the Chilean businesses of U.S.-based Sempra Energy, valued at more than $2 billion.

In September, Sempra said it would sell its Peruvian businesses to a unit of China Yangtze Power Co for $3.6 billion, Reuters reported.

Contact reporter Dave Yin (davidyin@caixin.com)

Related: China Consortium Close to Buying Argentine Power Unit


Share this article
Open WeChat and scan the QR code