BEIJING (AP) — A Chinese state-owned utility says it has bought 49 per cent of the power distribution grid in the Gulf nation of Oman.
State Grid Corp described the purchase as part of China’s multibillion-dollar Belt and Road initiative to build trade-related infrastructure across Asia to Europe.
State Grid released no financial details but said its tie-up with the Omani State Grid Corp is the biggest Chinese investment to date in Oman. The company, which operates most of China’s power distribution system, said it would draw on its technology and experience to improve the Omani grid.
State Grid is the world’s biggest utility but has made few investments abroad.
The Belt and Road Initiative calls for expanding trade by building ports, railways, power plants across an arc of more than 60 countries from the South Pacific through Asia and the Middle East to Africa and Europe.