Jindal Shadeed Group to invest $3bn in green steel cluster in Duqm SEZ

BUSINESS REPORTER

MUSCAT, DEC 4

Jindal Shadeed Group, a pioneer within the metal trade, has introduced that it has chosen the Particular Financial Zone at Duqm (SEZAD) within the Sultanate of Oman to ascertain a producing facility. Slated to be the most important of its sort throughout the zone to provide inexperienced metal, the manufacturing facility will even make the most of renewable vitality sources in its manufacturing operations.

The announcement was made at a ceremony that included the signing of a Memorandum of Understanding and a land allocation settlement. The occasion was held underneath the auspices of Dr. Ali bin Masoud al Sunaidy, Chairman of the Public Authority for Particular Financial Zones and Free Zones (OPAZ) and included the presence of various high-ranking authorities and personal sector officers.

The Particular Financial Zone at Duqm (SEZAD) is the most important financial zone within the Center East, with an space of two,000 sq. kilometers. This strategic venture is being constructed over an space estimated at roughly 2 sq. kilometers within the concession zone on the Port of Duqm with an funding worth estimated at $3 billion.

The MoU was signed by Eng Ahmed bin Hassan Al Dheeb, Deputy Chairman of OPAZ, and Harssha Shetty, CEO of Jindal Shadeed Group. The land reservation settlement was signed by the Jindal Shadeed Group and Reggy Vermeulen, Chief Govt Officer of Port of Duqm.

According to its growth efforts, Jindal Shadeed Group additionally signed an MoU with the centralised utility supplier, Marafiq, to offer the plant with the utilities essential to function the venture comparable to water companies, seawater for cooling functions, and different Marafiq companies. The settlement was signed by Talal al Lawati, Vice President of Industrial Operations, Marafiq.

Commenting on the sequence of agreements, Eng Ahmed bin Hassan al Dheeb, mentioned: “The signing of the MoU and settlement is a testomony to the significance of the Particular Financial Zone at Duqm and additional reinstates its place as a number one and enticing vacation spot for big strategic tasks that may profit from renewable vitality and inexperienced hydrogen. The supply of photo voltaic vitality and wind sources all year long will encourage extra investments in inexperienced industries and renewable vitality tasks within the Sultanate of Oman on the whole, and Duqm specifically. The Sultanate of Oman is making commendable efforts towards utilizing cleaner sources of vitality to satisfy industrial necessities. The efforts are in keeping with the priorities of Oman Imaginative and prescient 2040 to make use of different vitality and sustainable pure sources. The venture additionally serves the great nationwide technique which focuses on lowering emissions and attaining carbon neutrality.”

Harssha Shetty added: “Jindal Shadeed Group is investing greater than $3 billion to develop this mega metal venture in Duqm, and we’ve got already obtained the mandatory approvals to safe the land for our Inexperienced Hydrogen prepared metal venture. Our aim is to provide 5 million metric tons of inexperienced metal on an annual foundation that may create over $800 million every year in nation worth addition. The plant will provide prime quality metal merchandise to vehicle, wind vitality and client durables sector amongst others. There’s a booming demand for inexperienced metal from ESG acutely aware clients all over the world particularly in Europe and Asia, who’ve already dedicated important discount in Scope 3 emissions by 2030.”

Reggy Vermeulen acknowledged, “It is a nice step for all of us, and we’re thrilled to see such a venture occur in Port of Duqm – a profitable pairing of Jindal Shadeed Group’s experience in metal manufacturing and Port of Duqm’s logistical prowess. This inexperienced metal venture aligns very nicely with Port of Duqm’s imaginative and prescient to be a inexperienced port working on sustainable and renewable vitality sources in keeping with the Oman imaginative and prescient 2040 to assist financial diversification and cut back reliance on the oil and fuel sector. This big venture is not going to solely appeal to overseas funding but additionally present work alternatives for native expertise. I might additionally lengthen my gratitude to the board of administrators for his or her never-ending assist, and for paving the trail for us to draw tasks of this scale and implications to Port of Duqm. We’re assured that we are going to profit from the continual assist of all events who’re dedicated to creating this venture a hit.”

Talal al Lawati of Marafiq famous: “We, at Marafiq Firm, are happy to offer the mandatory water companies for this important and essential venture which can undoubtedly improve the usage of clear vitality and inexperienced hydrogen within the Particular Financial Zone in Duqm. We are going to be certain that all processes are in place to satisfy the evolving wants of the venture whereas reinstating our dedication to contributing to different new developmental ventures as nicely.”