Agreement signed to establish USD 7million worth metal mold factory in Sohar Free Zone

Business Tuesday 08/August/2023 14:33 PM
By: Times News Service
Agreement signed to establish USD 7million worth metal mold factory in Sohar Free Zone

Muscat: At a total cost of US$7 million, Sohar Free zone has signed a land lease agreement with Sohar Noble Metals (FZC), to establish a plant for the production of Vanadium and Niobium ingots, creating new economic opportunities in the region, promoting growth and diversification.

The project will contribute significantly to enriching the mineral sector in the region by enhancing the diversity of industrial products. Vanadium and niobium minerals are used as additives in the metal manufacturing sector, which enhances the strength and durability of different types of metals.

The project, which will occupy an area of 5,000 square metres, will be designed and built to supply vanadium and niobium to superalloy factories in the US and European markets.

Khalid bin Ahmed Al Balushi, General Manager of Sohar Noble Metals Company, explained that the partnership with Sohar Free Zone and the promising opportunities it offers to investors will allow the company to take advantage of the strategic advantages it offers and its proximity to major markets. The vanadium and niobium plant will expand the range of minerals and enhance local value.

For his part, Haitham bin Saif Al Ameri, Business Development Manager at Sohar Port and Free Zone, said that the agreement constitutes a major achievement and an important step in the continuous efforts to industrial diversify in Sohar Free Zone. The establishment of the factory also reflects the commitment of the port and free zone to promoting a sustainable industrial environment, stressing their strategic role. In advancing the supply chain and enhancing the integration of the attractions of the port and the free zone.

This project is expected to attract more investments from companies that depend on these vital minerals, which will enhance the continued development of the Sohar Free Zone.