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07 June 2023

Two Omani power firms earmarked for privatisation

By Agencies

Oman will soon mobilise plans to privatise a utilities firm and a company that oversees a power distribution grid in the Gulf Arab state, officials said in remarks published on Sunday.


"The government will shortly initiate the privatisation of Oman Electricity Transmission Company (OETC)," Oman Observer reported citing Secretary-General of the Ministry of National Economy Mohammad bin Nasser al-Khusaibi.


Al Ghubrah Power Desalination Co was also earmarked for "imminent" privatisation, the newspaper quoted John Cunneen, executive director of the Authority for Electricity Regulation as saying in a conference.


Investor interest in the state-owned company was "huge", with at least three blue-chip groups having expressed interest, Cunneen added.


"Privatisation is based on providing international investors the right to secure 100 per cent of the companies in which they invest, with the subsequent requirement that they offer at least 35 per cent through the local capital market," Cunneen said.


Muscat Electricity Distribution Co, Majan Electricity Co, and Mazoon Electricity Co are also lined up for privatisation at a later stage, the newspaper said.


The Gulf Arab state started the privatisation programme in 2006 with al-Rusail Power Company. (Reuters)