The Oman Observer reported that Takamul Investment Company SAOC, the majority owned downstream investment arm of Oman Oil Company, plans to establish a specialty steel products plant at Sohar at a cost of approximately USD 30 million.
The latest venture is promoted by Gulf Steel Specialty Industry LLC, under formation, a joint venture between Takamul and Singapore based Global Steel Industries Pte Ltd. The latter is a subsidiary of BH Global Marine Limited, a Singapore headquartered investment holding company engaged in the wholesale and retail trade of a wide range of electrical goods, appliances, and other products related to the marine supply and servicing industry in Singapore, Asia and the Middle East. Global Steel Industries was set up in May this year as an investment holding company.
Under plans drawn up by the JV, the specialty steel products venture will be set up at Sohar Industrial Estate. Envisaged is a 60,000 tonnes per annum capacity plant designed to manufacture specialty steel wires and other related steel products.
The project is the third industrial investment unveiled by Takamul so far this year, underlining a new momentum in the company’s efforts to foster the growth of downstream manufacturing clusters around the Sultanate. The steel project adds to a growing portfolio of downstream ventures promoted by Takamul.
The company owns Aluminum Rolling Mill Company LLC, which is developing a 140,000 tonnes per annum project at Sohar with an investment of around USD 384 million.
Takamul also has a major stake in Oman Aluminium Processing Industries LLC, which operates a modern plant at Sohar. Recently, the majority government owned subsidiary revealed plans for the establishment of a 30,000 tonnes per annum capacity sulphur bentonite fertilizer project at Sohar.
Takamul was set up in 2006 to develop a sustainable downstream chain to support Oman’s industrial sector. Its core objective is to promote and invest in value added economically viable projects that feed off local upstream industries that include metals, petrochemicals and minerals.
Takamul is 90% owned by Oman Oil Company, with the remaining shares owned equally by Abu Dhabi Water and Electricity Authority and Al Maha Strategic Industries for Investments LLC.
(Sourced from omanobserver.om)
