Industry

Oman: Targeting aluminium

Oman is poised to become one of the leading producers of aluminium in the Middle East, with a new plant at Sohar due to come on line in June. Attention is now turning to building up markets for the sultanate's aluminium output, as well as developing domestic downstream industries to make use of the bounty.

Sohar Aluminium's US$2.4 billion greenfield smelter project is scheduled to begin production in June, with a projected output of 350,000 tonnes. When at full capacity, the plant is expected to contribute 2% to Oman's gross domestic product (GDP).

UAE's RAK Minerals buys Armenian firm for US$200m

A United Arab Emirates government-linked firm RAK Minerals and Metals Investments (RMMI) said it is buying an Armenian mining firm for US$200m.

The acquisition of TSCC Armenia covers three mining complexes across north and south Armenia, and includes copper and polymetallic minerals. "This acquisition in Armenia is a significant step in extending RMMI geographical spread equitably and establishes our foothold in eastern Europe," said Madhu Koneru, managing director of RMMI.

Sabic ends talks with Osos on US$1bn Yanbu project

Saudi Basic Industries Corp (Sabic), the world's biggest chemicals maker by market value, said it ended talks with Osos Petrochemicals on a new plant after failing to reach an agreement.

Sabic on January 15 told the Saudi bourse it signed a preliminary contract to take a 35 per cent stake in Osos's US$1 billion Yanbu plant project that would make chemicals including polybutylene terephthalate, or PBT, used to make electronic chips, cars and communications equipment.

Sohar - emerging hub of metals & petrochemicals industry

Sohar could be set to become the biggest industrial city in the entire Gulf region with the planned establishment of mega gas-based industries which will not only enable the country to boost its non-oil exports but also enhance the status of Oman as a manufacturing base of metals and petrochemicals.

Several industries, ranging from iron ore palletising to petrochemicals, are in different stages of planning and implementation in Sohar's industrial area.

Daewoo shipbuilding inks deal on Oman complex

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said that it has signed a memorandum of understanding with the government of Oman to develop an industrial area there.

The industrial area will be developed in Duqm, a port city about 450 kilometres southeast of the country's capital, Muscat, by 2020. Details of the project will be decided later, according to the company.