LONDON: State Grid Corp of China is nearing an agreement to acquire a 49% stake in Oman’s state-owned transmission company in the first major privatisation by the Middle East’s largest non-Opec oil producer, people with knowledge of the matter said.
The Beijing-based company will acquire the stake in a deal that values Oman Electricity Transmission Co at about US$2bil, the people said, asking not to be identified as the matter is private. Talks are advanced and the two parties are expected to reach an agreement soon, the people said.
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