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Oman’s Sohar Port and Freezone signed a land lease agreement with Sohar Noble Metals (FZC) Company, for the production of Vanadium and Niobium metals in Sohar Freezone to the tune of USD 7 million.
The project will significantly enrich the minerals portfolio in the zone, enhancing industrial diversity. Vanadium and Niobium play crucial roles as additives in the metals industry, enhancing the strength and durability of various types of metals.
Moreover, the project, covering an area of 5,000 square metres, will be designed and constructed to supply the superalloys industries within the United States and Europe markets with Vanadium and Niobium ingots.
Khalid Ahmed Al Balushi, Director of Sohar Noble Metals (FZC) said, “This agreement with Sohar Freezone offers promising opportunities to investors. By leveraging the strategic advantages provided by Sohar Freezone and its continued growth, the upcoming Vanadium and Niobium production plant will not only expand our minerals range but also foster local value creation.”
On his turn, Haitham Saif Al Omairi, Business Development Manager at Sohar Port and Freezone said, “The production of Vanadium and Niobium Plant in Sohar Freezone represents a significant milestone and a crucial step in our continuous efforts to industrial diversification. Establishing the plant reflects our commitment to foster a robust industrial ecosystem, reassuring our strategic role in driving the end-to-end metal manufacturing value chain.”
The project output is expected to attract further investments from companies reliant on these crucial metals which will enhance the continuous development of Sohar Freezone. |
