BankMuscat, Oswal sign deal for project -BankMuscat, the leading financial services provider in the Sultanate, recently signed a financial advisory mandate agreement with Oswal Group Global to act as the exclusive financial adviser for its $350 million-$400 million caustic soda project in Salalah.

The project will be based in Salalah Free Zone with the end product expected to be sold regionally and to service the rapidly growing demand in the Australasian market.

The project has successfully completed its feasibility study and technology selection and construction is planned to commence in the fourth quarter of 2010.

AbdulRazak Ali Essa, chief executive of BankMuscat, said, “We are delighted to enter into a mutually rewarding relationship with Oswal group and remain committed to supporting the industrial development in Dhofar region. We are quite impressed with the Oswal group’s success in their Burrup Fertilisers project and hope the Oman project will also be extremely successful. We look forward to a long and fruitful relationship with Oswal Group Global.”

Pankaj Oswal, chairman and managing director of Oswal Group Global, has a diversified portfolio of assets valued at over $3.5 billion. The assets include Burrup Fertilisers, the world’s largest single train merchant ammonia plant based in Western Australia, plus interests in petrochemicals, resources, transport and logistics, property and lifestyle.

Pankaj Oswal said, “The financial advisory mandate agreement marks an important milestone in the development of the caustic soda project, bringing Oswal Group Global into partnership with one of the region’s strongest banks which possesses a wealth of experience in project advisory in Oman. We look forward to building a strong working relationship with BankMuscat and also with the local Salalah business community.”

Oswal Oman Caustic will initially be promoted and operated by Oswal Group Global