A Memorandum of Understanding (MOU) has been signed for the construction of a $3 billion Green Steel Factory in Oman.
The agreement was signed by Jindal Shadeed Group and the Public Authority for Special Economic Zones and Free Zones (OPAZ). Harssha Shetty the CEO of Jindal group signed the agreement on behalf of the group. The OPAZ on the other hand was represented by its Deputy Chairman, Ahmed bin Hassan Al Dheeb. The signing ceremony had, in attendance the Chairman of the OPAZ, Dr. Ali bin Masoud.
A land reservation agreement was also signed between Jindal and the Port Of Duqm represented by Reggy Vermeulen, its Chief executive Officer. Additionally, Jindal signed an MoU with Marafiq, the centralized utility provider to provide the project’s factory with the utilities required for operation. These utilities include seawater for cooling purposes and water services amongst other Marafiq services.
An overview of the Green Steel Factory in Oman
The factory will be developed within the Special Economic Zone at Duqm (SEZAD). It will reportedly be the largest of its kind within the Special Economic Zone. The Green Steel Factory, in the manufacturing and operation of green steel, will utilize renewable energy sources.
Speaking on the project, Dr. Ali bin Masoud Al Sunaidy said that Oman has a firm commitment to moving towards expanding the production and use of renewable energy and products.
Upon completion of its infrastructure, Al Sunaidy revealed that the factory aims to produce a total of 5 million tons of green iron. After that, the iron produced will mostly, be for export purposes, to car factories around the world. The green steel produced will also serve and cater to factories that specialize in producing windmills.