SOHAR Port and Freezone has entered into an agreement with Gulf Alloys and Metals for the creation of a low carbon ferrochrome alloy production facility at SOHAR Freezone. The project will be capable of manufacturing of 10,000 MT per annum and is a part of the efforts of SOHAR to bring in new global investments.
The agreement was signed between HE Dr Mohammed Nasser Al Zaabi, Chairman of the Board of SOHAR Port and Freezone and Appala Satyanarayana Varma, owner of Gulf Alloys and Metals, representing the company.
The mining industry is one of the most promising sectors in the Sultanate. Therefore, there is great interest in developing it to increase its contribution to the GDP. In line with this framework, SOHAR Freezone seeks to attract new investments capable of providing local added value in this field, such as the upcoming ferrochrome alloy production facility. This new project is expected to pave the way for more investments in the future.
The OMR 3.5 million (USD 9 million) investment will occupy 37,000 m2 of land at SOHAR Freezone and will utilise chrome ore and calcined lime, sourced from local mines and plants, respectively. Low carbon ferrochrome is an alloy that consists of iron and chromium and is mainly used for stainless steel production. The finished product will also be used for the manufacturing of aircrafts, automobiles, equipment used in the extraction of oil and gas and related manufacturing industries and others. This facility will serve as a positive step towards enhancing in-country value, by boosting the competitiveness of SOHAR Freezone in bringing in new investments linked to the downstream of these industries.
“We are proud to be setting up at SOHAR Freezone and provide them with support in their economic diversification objectives. We hope that our presence will contribute to the promotion of other industrial activities in an integrated industrial environment, while simultaneously promoting sustainable development,” Appala Satyanarayana Varma concluded.
For more information on SOHAR Port and Freezone, visit soharportandfreezone.com