The Jindal Group, based in India, stated that it continues its investments in Oman in line with its commitment to make several strategic investments to promote social and economic growth and support the country’s transition to a green economy.
The company is building a pelletizing plant in Sohar with an annual production capacity of 6 million tonnes. The plant is scheduled to start production by the end of 2024.
The group’s Jindal Shadeed Iron and Steel Company (JSIS) is also investing in a carbon capture plant in Sohar, which is expected to be completed by the end of this year.
In addition, Jindal Shadeed Iron and Steel Company has expanded its production capacity in Sohar to 2.4 million tonnes per annum. The company is also working with its partners to invest in renewable energy to increase the decarbonisation of its steel production with new projects in Sohar. The total investment of the Jindal Group in the region will exceed $1.5 billion.
Meanwhile, the Jindal Group will invest $3 billion to develop a mega green steel project, known as Vulcan Green Steel, in Oman.
A green steel plant with an annual production capacity of 5 million tonnes will be built and entirely powered by renewable energy sources and green hydrogen.
The group also recently acquired the Sohar Steel Factory, one of the rebar’s prominent producers in the country. The plant annually produces 500 thousand tonnes of high-quality steel products, including 8 mm to 32 mm steel rebar.