BUSINESS REPORTER
MUSCAT, APRIL 20
The Oman Electricity Transmission Company (OETC) has secured its first investment-grade credit rating after Fitch Ratings upgraded the company to “BBB-” with a stable outlook, from “BB+”.
The upgrade signals strengthened global confidence in OETC’s resilient business model, underpinned by predictable cash flows within a clear regulatory framework, solid institutional backing and disciplined financial management. It also reflects the company’s track record in operating one of the region’s most efficient electricity transmission networks.
The milestone enhances OETC’s standing with investors and improves its access to capital markets on more competitive terms, supporting its ongoing expansion of the national transmission grid. The company is advancing a pipeline of strategic projects to meet rising electricity demand while facilitating the integration of renewable energy sources in line with Oman Vision 2040.
OETC said the rating upgrade underscores its resilience across economic cycles and its ability to maintain strong financial metrics through disciplined policies and a sustainability-focused strategy. The company plays a central role in enabling the energy transition, including efforts towards net-zero emissions.
Eng Hisham Abdullah al Riyami, Acting Chief Executive Officer, said the upgrade reflects OETC’s commitment to operational excellence, robust governance and financial discipline, strengthening its credibility among international stakeholders.
He added that the company will continue to advance its long-term strategy centred on innovation, digital transformation and enhancing grid resilience and efficiency, to meet future demand and deliver sustainable value.
OETC is responsible for electricity transmission and load dispatch across Oman’s national grid, covering all governorates. It also manages interconnections with the GCC grid at 220 kV and operates under the Nama Group framework, supporting the development of a secure, reliable and sustainable power system in the Sultanate of Oman.
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