Oman’s leading global integrated energy company OQ’s wholly-owned subsidiary Mazoon BV has sold its 12 percent share in a Portuguese utility firm Redes Energeticas Nacionais (REN) in an over-the-counter deal.
According to the statement, “The investment was made in 2012, as OQ intended to expand and diversify its growing investment portfolio locally and internationally.”
Founded in 1994, REN is a high-voltage transmission grid operator and natural gas transportation company with operations in several countries. It was initially formed as the electrical transmission company for Portugal.
Its primary responsibility is to manage Portugal’s energy transmission infrastructure, and it is one of the few European operators with both electricity and natural gas transmission capabilities.
“OQ is privileged to have been a significant shareholder in REN since 2012. I would like to take this opportunity to thank the Board and management of REN for working with us throughout this successful partnership. I would also like to take this opportunity to wish REN and the new investors the best of luck in the future.”
Established in 2019, OQ is a national petroleum investment company, which is wholly owned by the Government of Oman. The company invests in electricity generation, energy transportation and infrastructure, oil refining, and petrochemicals manufacture in addition to oil and gas exploration and production.
Earlier this year, the Oman company was reportedly looking to sell assets and tap the international debt market to fund its $7.9 billion expenditures over the next five years. The focus of state-owned OQ will move from reinvestment in the company to reaching finance self-sufficiency, according to the reports.