NEW YORK, February 3 (FinanceEnquiry.com) - The government of Portugal is offloading a 40% stake in REN-Redes Energeticas Nacionais to meet terms of its bailout agreement. The buyers State Grid International of China and Oman Oil Co. will pay a total of around €529 million for the acquisition. As a part of the contract, State Grid will own 25% of REN’s and Oman Oil will purchase the remaining 15%. Approximately, €387.2 million will be paid by the Chinese company, while Oman Oil will pay €205.1 million.

The country became the third euro country after Greece and Ireland in European area, in April, to ask for a bailout from the European Union and the International Monetary Fund. As part of this aid-package, the government planned to offload its stakes in energy companies comprising REN and utility EDP-Energias de Portugal SA. On December 7, Portugal announced its plans to sell its stake in Lisbon-based REN. The government asked the bidders to present their respective proposals to acquire anything between 5 percent and 25 percent. Now the state owns 51 percent of the company.