Oman Times reported that Ahmed bin Abdulnabi Macki Oman’s minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council laid the corner stone for the USD 1.4 billion Vale industrial complex comprising a palletizing plant and deep water port at Sohar in Oman.

The function was attended by Maqbool bin Ali Sultan, minister of commerce and industry; Dr Khamis bin Mubarak Al Alawi, minister of transport and communications; Dr Sharifa bint Khalfan bin Nassir Al Yahyaeiyah, minister of social development, undersecretaries and officials of the Batinah region.

Vale is scheduled to go on stream by 2010 end, with an initial capacity of 9 million tonnes per annum at its Sohar plant. The Oman project, spread over an area of 500,000 square meters, comprise the construction of a plant to produce iron ore pellets and a distribution centre with a handling capacity of 40 million tonnes per annum.

Maqbool bin Ali Sultan, while speaking about Vale’s massive investment, said that such industrial projects are part of the government’s initiatives to diversify the sources of income and attract foreign investment. He said that “Ventures of this magnitude will contribute to the development of the country.”

Mr Roger Agnelli CEO of Vale said that the project will create 600 direct jobs. He further said that “Vale is the first Brazilian company to invest in Oman, which will not only help develop the country, but will further cement the Omani Brazilian relationship and boost trade.”

(Sourced from Oman Times)