MUSCAT, Dec. 15 (Xinhua) -- The State Grid Corporation of China (SGCC) on Sunday signed an agreement with Oman's Electricity Holding Company (Nama Holding) to acquire 49 percent of the latter's shares.

SGCC president Xin Baoan said at the signing ceremony that the move is a milestone in electricity cooperation between the two countries.

It is also of great significance for deepening bilateral strategic partnership, expanding bilateral trade exchanges and promoting the Belt and Road Initiative.

The initiative, proposed by China in 2013, refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which aim at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road.

The contract is the largest single investment by a Chinese company in Oman and the first major investment by the SGCC in the Arabian Peninsula.

The SGCC has assets of more than 600 billion U.S. dollars, serving more than 1.1 billion people in China, said Xin, adding that it has invested and operated major energy networks in seven countries and regions, including Italy, Portugal, Greece, Australia and Brazil.

Chinese Ambassador to Oman Li Lingbing said that the two countries have worked closely and the Chinese companies have undertaken projects in Oman, covering oil and gas exploration and production, electricity, communications, fisheries and processing industries, with a total business volume of over 6 billion dollars.

Nama Holding said in a statement that the agreement signed with SGCC aims at introducing the most advanced technology and management experience to ensure the steady economic development of Oman.

In the first half of 2019, China-Oman trade volume reached 10.6 billion dollars, up 6.3 percent from the same period last year, while China's imports from Oman reached 9.2 billion dollars, up 8.4 percent year on year, according to statistics by the Chinese Embassy to Oman. Enditem

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