$3billion steel plant on anvil- Oman Oil Company, the wholly Omani government owned investment firm, has signed a Memorandum of Understanding (MoU) with an Indian steelmaker for the establishment of a huge steel plant in the Sultanate, it was revealed yesterday.
Indian media quoted a top Indian executive as stating that a preliminary agreement, inked with the Steel Authority of India Limited (SAIL), envisions the joint development of a 3 million tons per annum (mtpa) capacity plant with an investment of around $3 billion.
A final agreement on the establishment of the project is expected to be signed within the next six months, SAIL’s Chairman, C S Verma, is quoted as telling journalists in the Indian capital, New Delhi. The plant, whose location in Oman has not been disclosed, is expected to come on stream within three years thereafter.