OETC successfully completes full repayment of $1bn 'Lamar' bonds

Muscat: Oman Electricity Transmission Company (OETC) a member of the Nama Group has announced the full repayment of its $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.