General World News

Chinese Utility Buys 49% of Oman Power Grid

A Chinese state-owned utility says it has bought 49% 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 read more >>>

Source:: VOANews.Com