The Ministry of Commerce, Industry and Investment Promotion signed a memorandum of cooperation with Vale SA “Vale”, in partnership with the Public Authority for Special Economic Zones and Free Zones, and the National Program for Investment and Export Development “Nizhar”. The memorandum of cooperation includes a study and exploration of the feasibility of developing an integrated industrial complex in the Sultanate of Oman in line with the priorities global goal of determining the carbon footprint by 2050.

The Ministry and Vale will cooperate in developing an industrial complex for the production of direct reduction metals and concentration and integration facilities, where the production of ductile iron (HBI) using natural gas leads to a reduction of carbon dioxide emissions by (60%) over the emissions resulting from iron production. By following this integrated path and using hydrogen, it is possible Eliminate carbon emissions.

The Ministry and Vale are currently assessing responsibilities and opportunities; Vale is expected to invest in, build and operate a concentration and briquetting plant to be located in Oman, ensuring the supply of iron ore. The Ministry, in cooperation with Vale, is expected to enhance the development of the complex by building the required logistical facilities, investing in direct reduction plants, constructing and operating them. New parties may be invited in the future to enter into partnerships with the complex, and the complex is expected to expand by supplying various markets all over the world. To promote decarbonization in the steel industry.