OQ exits its investment in Portuguese utility company

Muscat: OQ, Oman’s leading global integrated energy company announced that Mazoon B.V., a wholly-owned subsidiary of OQ, has sold its 12 per cent stake in Portuguese Utility Company, Redes Energeticas Nacionais (REN), through an over-the-counter transaction at the end of last month.

The investment was made in 2012, as OQ aimed to expand and diversify its growing investment portfolio locally and internationally.

REN is a high-voltage transmission grid operator and natural gas transportation company with operations in several countries.

On this occasion, Talal Al Awfi, Group Chief Executive Officer of OQ, said, “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.”

REN was formed in 1994 as the electrical transmission company for Portugal. Its main role is to manage the energy transmission systems in Portugal and is one of the few European operators active in both electricity and natural gas transmission.