OETC Fully Repays USD 1 Billion “Lamar” Bonds, Underscoring Strong Financial Position

Muscat : Oman Electricity Transmission Company (OETC), a member of the Nama Group, has successfully completed the full repayment of its USD 1 billion “Lamar” bonds, originally issued in 2015 to support the development of critical infrastructure projects in the Sultanate’s electricity transmission sector.

This significant financial milestone highlights OETC’s sound fiscal management, commitment to transparency, and alignment with Oman’s long-term energy strategy. The repayment further reinforces the company’s financial resilience and enhances its credibility in both regional and international financial markets.

Citi Bank, which coordinated the repayment process, commended the achievement, noting that it reflects the strength of OETC’s financial foundation and its robust relationships with global financial institutions. The successful settlement also enhances the company’s credit profile and opens up new opportunities to secure financing for future strategic initiatives that support Oman’s ongoing energy transition.

Ali Al-Reesi, Chief Financial Officer at OETC, remarked, “Our successful repayment of the Lamar bonds is a clear testament to the company’s financial stability and disciplined fiscal practices. Over the years, we have remained committed to transparency and strong governance, allowing us to maintain high credit ratings from international agencies.”

Al-Reesi added, “This milestone also reflects our dedication to upgrading the national transmission infrastructure and ensuring its resilience to meet the increasing electricity demand across Oman. It marks the culmination of a decade-long strategy, demonstrating our ability to deliver on major financial obligations while continuing to support the nation’s energy goals.”

OETC is the sole entity responsible for the transmission and control of electricity across Oman. It transmits electricity from production plants to load centers across the governorates via a high-voltage network operating at 132kV and above. The company also manages interconnection lines with the GCC Interconnection Authority, which operate at 220kV, contributing to regional energy security and cooperation.