Oman’s oil firm OQ hires advisers for sale of stake in Portugal’s REN

OQ is REN’s second largest shareholder after China’s State Grid, which holds a 25 percent stake. (Supplied)

• REN owns high-voltage electricity and high-pressure natural gas transmission grids in Portugal

LISBON: Oman’s OQ has hired legal and financial advisers to prepare for the possible sale of its entire 12 percent stake in Portuguese power grid operator REN , the state-owned oil firm announced.
OQ, formerly Oman Oil Company, said in a statement the advisers will “assist in the preparation of such intended sale through a private placement.”
“No formal decision has been made as to the sale itself or the conditions in which it may be implemented,” the statement said. “At this point no specific process has been initiated.”
A sale would depend on internal approval and adequate market conditions, it added.
OQ is REN’s second largest shareholder after China’s State Grid, which holds a 25 percent stake.
REN, which owns high-voltage electricity and high-pressure natural gas transmission grids in Portugal, announced last Friday it will boost its capex by 35 percent over the next five years to €900 million ($1.1 billion).