Oman Oil Company to Acquire Stake in REN

Source: www.gulfoilandgas.com 2/24/2012, Location: Middle East

Oman Oil Company SAOC (OOC) announced that it acquired a 15% stake in the Portuguese high-voltage transmission grid operator and natural gas transportation company- Redes Energéticas Nacionais, SGPS, SA (REN). The total investment is million RO 104 (Euro 205 million).

The agreement was signed in Lisbon by HE Nasser bin Khamis Al Jashmi, Undersecretary of Ministry of Oil and Gas and OOC Chariman on behalf of OOC, and Mr. Joaquim Reis, CEO of Parpublica on behalf of the Portuguese Government.

The acquisition forms part of recent efforts of the Portuguese Government to privatise certain state-owned companies.

Commenting on the occasion, HE Al Jashmi OOC Chairman said: "We are pleased to announce our latest investment, which is in line with the Company's strategy to expand and diversify its growing investment portfolio locally and internationally. REN is a reputable company with a strong track record and promising growth potential. This will be OOC's maiden investment in the electricity transmission business, which will strengthen OOC's infrastructure portfolio."

REN was formed in 1994 as the electrical transmission company for the Portuguese State. REN's main activity is to manage the energy transmission systems in Portugal and it is one of the few European operators active in both electricity and natural gas transmission. REN has long term concessions to operate the electricity and gas transmission networks in Portugal. REN's 2011 expected revenue will reach Euro 1 billion, compared to Euro 917 million in 2010.

OOC is a company wholly owned by the Government of ıthe Sultanate of Oman. The company was established in 1996 to give the Government ıa vehicle for pursuing investment opportunities in the energy sector, both inside and ıoutside Oman. OOC has managed, in a relatively short period of time, to contribute to the ıdevelopment of many important projects in energy and energy related areas. Through this ıparticipation, OOC plays a key role in the Sultanate's efforts to diversify the Omani economy ıand help generate Omani and foreign private sector investment. Local and international investments of OOC include 35 projects ıcovering the areas of exploration and production, mining, refining and petrochemical, oil ıproducts marketing, electricity generation and marine shipping sectors.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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