$7 million investment to enrich minerals portfolio in Sohar
(Posted on 14/08/23)
SOHAR Port and Freezone in the Sultanate of Oman, has signed a land lease agreement with Sohar Noble Metals (FZC), for the production of Vanadium and Niobium metals in SOHAR Freezone. With a total investment of USD 7 million, this project will significantly enrich the minerals portfolio in SOHAR, enhancing industrial diversity. Vanadium and Niobium play crucial roles as additives in the metals industry, enhancing the strength and durability of various types of metals.
The project, covering an area of 5,000 square meters, will be designed and constructed to supply the superalloys industries within the United States and Europe markets with Vanadium and Niobium ingots.
Commenting on this achievement, Khalid Ahmed Al Balushi, Director of Sohar Noble Metals (FZC) LLC stated, "We are excited about this agreement with SOHAR Freezone and the promising opportunities it offers to investors. By leveraging the strategic advantages provided by SOHAR Freezone and its continued growth, the upcoming Vanadium and Niobium production plant will not only expand our minerals range but also foster local value creation."
Haitham Al Omairi, Business Development Manager at SOHAR Port and Freezone commented, "The production of Vanadium and Niobium Plant in SOHAR Freezone represents a significant milestone and a crucial step in our continuous efforts to industrial diversification in SOHAR Freezone. Establishing the plant reflects our commitment to foster a robust industrial ecosystem, reassuring our strategic role in driving the end-to-end metal manufacturing value chain."
The project output is expected to attract further investments from companies reliant on these crucial metals which will enhance the continuous development of SOHAR Freezone.
With multinational investments to-date of over US26$ billion, it is one of the world`s fastest-growing port and free zone developments and lies at the centre of global trade routes between Asia and Europe. The port was originally built around three industrial clusters for metals, petrochemicals, and logistics. Recently a fourth cluster was added with the launch of SOHAR Food Zone. The Food Zone offers the region’s first dedicated agro bulk terminal with integrated facilities for food manufacturing, packaging, and food logistics.
Latest News
HH-WIN approval provides security for expansion in Hamburg port area
(Posted on 26/10/24)Following an important decision by the Federal Ministry for Economic Affairs in Berlin and the Federal... Read more
Port of Antwerp-Bruges growth despite challenges
(Posted on 23/10/24)After nine months, Port of Antwerp-Bruges saw a total throughput of 210.5 million tonnes, an increase... Read more
Expanded Oshawa Grain Terminal begins test loads
(Posted on 19/10/24)The improved Port of Oshawa Grain Export Terminal in Ontario has reached an important milestone, welcoming... Read more
King Willem-Alexander and King Philip open New Lock in Terneuzen
(Posted on 15/10/24)His Majesty the King Willem-Alexander and His Majesty the King of the Belgians Filip jointly opened... Read more
Ducat’s West Africa rice milestone highlights advanced logistical methods
(Posted on 14/10/24)Ducat Maritime, a leader in global maritime logistics, has announced that it has successfully shipped... Read more
International port stakeholders sign declaration to decarbonise global shipping
(Posted on 14/10/24)The Hamburg Sustainability Conference (HSC), has concluded with representatives of various ports, international... Read more
Logistec appoints Cleidy Liborio Fernandes CCO to accelerate growth
(Posted on 08/10/24)LOGISTEC, a leading North American marine and environmental services provider, has announced the appointment... Read more
Hamburg and Singapore begin strategic partnership
(Posted on 08/10/24)The Hamburg Port Authority (HPA) and the Maritime and Port Authority Singapore (MPA) have signed a letter... Read more
Xeneta: US port strike ends, but supply chains to take weeks to recover
(Posted on 04/10/24)Strike action at ports on the US East and Gulf Coast have ended after a new wage agreement was reached... Read more
Successful Rotterdam moveable shore power pilot
(Posted on 01/10/24)In recent months, a pilot with moveable battery containers with shore power has taken place at the Steinweg... Read more