Oman signs gas deal with Brazil for Sohar project

Nov 08, 2008 01:00 AM

Oman and Brazil signed an agreement for the supply of gas for 20 years for a project of the Brazilian-based Vale company which will be set up in Sohar Industrial Port.
The agreement was signed by Ahmed bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, and the Chairman and CEO of Vale. The ceremony was attended by Maqbool bin Ali Sultan, Minister of Commerce and Industry, and the Omani delegation.

"The agreement comes as part of the Sultanate government's interest to lure foreign capital to set up major industrial projects that meet the needs of the local and international markets in fields such as steel, as well as providing job opportunities for Omanis", Macki told.
The work on the Vale project, worth $ 1 bn, will begin at Sohar Industrial Port before the end of this year. It will produce 10 mm tons of steel ore.

Vale is the second biggest international company in exploration and production of steel ore. The company will provide the raw materials for the project from Brazil, he added.
"One of the aims and strategies of the Sultanate is to set up major economic ventures with companies that own solid experience and international branding as this will ensure the success of the projects and help in realising the prospective financial gains either inside or outside the Sultanate".

Macki and Maqbool also met the chairman, CEO and senior executives of Vale. They discussed topics on implementing industrial and commercial ventures in steel and products of steel ores.
Macki highlighted Oman's economic policies to encourage foreign capital to set up investment ventures in the Sultanate. He also pointed out that the Sultanate encourages direct foreign investment after ensuring economic feasibility and that the venture will realise the prospective aims behind its construction.
Maqbool pointed out that the outcome of the studies undertaken by the Sultanate on minerals indicate that Vale may use these minerals insetting up other industries.

Source / Oman Daily Observer
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