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FinancialNews
27-10-19
Sohar Port, Gulf Alloys and Metals invest in mining industry
(MENAFN) An agreement was signed between Sohar Port and Freezone and Gulf Alloys and Metals to create a low carbon ferrochrome alloy production facility at Sohar Freezone. The project will be capable of manufacturing of 10,000 MT per annum and is a part of the efforts of Sohar to bring in new global investments.
The agreement was signed between Dr Mohammed Nasser Al Zaabi, chairman of the Board of Sohar Port and Freezone and Appala Satyanarayana Varma, owner of Gulf Alloys and Metals, representing the company.
There is good future for the mining industry in the Sultanate; therefore, there is great interest in developing it to increase its contribution to the GDP. In line with this framework, Sohar Freezone seeks to attract new investments capable of providing local added value in this field, and the upcoming ferrochrome alloy production facility is a good example for that. This new project is expected to pave the way for more investments in the future.
MENAFN2710201900450000ID1099185292
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