OETC
Successfully Completes Full Repayment of USD 1 Billion “Lamar” Bonds

Muscat,
26 May (ONA) — Oman Electricity Transmission Company (OETC) a member of the
Nama Group has announced the full repayment of its USD 1 billion
“Lamar” bonds, which were issued in 2015 to finance strategic
infrastructure projects in the electricity transmission sector across the
Sultanate of Oman.

This
milestone marks a pivotal moment in the company’s financial journey,
underscoring its commitment to governance excellence, financial sustainability,
and a long-term strategic vision aligned with national energy objectives.

Citi
Bank, which coordinated the repayment process, confirmed that this achievement
reflects the robustness of OETC’s financial structure and the strength of its
global relationships with financial partners. The successful settlement also
enhances the company’s credit profile in regional and international markets,
positioning it to secure new financing opportunities to support current and
future projects crucial to Oman’s energy transition.

Commenting
on this occasion, Ali Al Reesi, Chief Financial Officer at OETC, stated: “Our
successful repayment of these financial obligations clearly demonstrates our
financial stability and the depth of our relationships with leading
international financial institutions. Over the past years, we’ve maintained a
commitment to transparency and financial discipline, allowing us to preserve
high credit ratings with global agencies.”

Al
Reesi added: “We’ve invested in upgrading our infrastructure and
strengthening the resilience of the national transmission network to keep pace
with the growing demand for electricity in Oman. Today, we proudly mark the
full repayment of bonds issued a decade ago, a testament to the effectiveness
of our financial and operational strategies, and our commitment to supporting
the national energy transition goals.”

It
is worth mentioning that OETC, a member of Nama Group, is the only company
responsible for the transmission and control of electricity across the
Sultanate of Oman’s network. The electricity is transmitted from production
stations to distributed load centers in the governorates. The transmission
network operates at a voltage of 132kV and above to cover most of the
governorates in Oman, whether in the north or the south. Furthermore, OETC
manages the interconnection lines between Oman and the GCC interconnection
network, which operates at a voltage of 220kV.

—Ends/AG