A&O advises State Grid of China on 49% stake in Oman Electricity Transmission Company
19 March 2020
Allen & Overy has advised State Grid International Development Co., Limited (SGID), the sole platform for overseas investments and operations of the State Grid Corporation of China, on its landmark acquisition of a 49% stake in Oman Electricity Transmission Company (OETC) from Electricity Holding Company S.A.O.C. (also known as Nama Holding) for circa USD one billion.
The transaction forms part of the on-going privatisation of the Omani electricity sector. SGID's acquisition makes it the largest single Mainland Chinese investor in Oman to date.
The deal marks an important milestone in China's Belt and Road Initiative and also demonstrates the Omani Government's openness to foreign direct investment in the energy sector.
The A&O team was led by Beijing Corporate partner Ling Li with assistance from counsel Benjamin Crawford, senior associate Lipei Shi and legal advisor Emmy Li. Corporate partner Andrew Schoorlemmer in London, associates Lisa Tan and Felicia Tan in Singapore, company secretary Wendy Lau and company secretarial officer Amy Lau in Hong Kong and partner Jason Gray and senior associate Edward Einfeld in Sydney also provided assistance in this transaction.