Mubasher: The Sultanate of Oman, represented by the Public Authority for Special Economic Zones and Free Zones, signed a memorandum of understanding with two Japanese companies, “Kobe Steel” and “Mitsui & Partners Ltd.”, to establish a reduced iron plant in the Special Economic Zone at Duqm.
The Economic Authority stated, according to the Oman News Agency, that the factory has a production capacity of regarding 5 million tons of reduced iron annually.
The two companies signed a land reservation agreement with the Port of Duqm Company and another memorandum of understanding with Marafiq to supply the project with electricity and water.
Under the agreement, the two companies, “Kobe Steel” and “Mitsui”, will prepare a detailed business study to start producing ferrous metals characterized by a low carbon dioxide content by 2027 AD, and the product will be provided in the Asian and global markets and other markets such as Europe and others.
The authority pointed out that the project is characterized by a low percentage of carbon dioxide emission, using the commercially and technically proven MEDREX technology in this field, and the two companies aim to establish the project to provide one of the best solutions to get rid of carbon in the short term in the steel industry, and the complete disposal of carbon by using Specific measures of capacity expansion, conversion to hydrogen reduction and long-term carbon capture, utilization and storage.
The authority hopes that the new project will contribute to attracting a group of industries and other medium-sized and related businesses, to strengthen the iron industry sector in Oman, and to enhance the in-country value by supporting local companies and small and medium enterprises and providing job opportunities for Omani youth.
Nominations:
The unemployment rate in Oman rises to 5% by the end of February
The unemployment rate in Oman rises to 5% by the end of February
The effective exchange rate of the Omani Rial rises 5.5% by the end of January
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