16 November 2011
MUSCAT -- Oman Oil Company, the wholly Omani government owned investment firm, has signed a Memorandum of Understanding (MoU) with an Indian steelmaker for the establishment of a huge steel plant in the Sultanate, it was revealed yesterday.
Indian media quoted a top Indian executive as stating that a preliminary agreement, inked with the Steel Authority of India Limited (SAIL), envisions the joint development of a 3 million tons per annum (mtpa) capacity plant with an investment of around $3 billion.
A final agreement on the establishment of the project is expected to be signed within the next six months, SAIL's Chairman, C S Verma, is quoted as telling journalists in the Indian capital, New Delhi. The plant, whose location in Oman has not been disclosed, is expected to come on stream within three years thereafter.
MUSCAT -- Oman Oil Company, the wholly Omani government owned investment firm, has signed a Memorandum of Understanding (MoU) with an Indian steelmaker for the establishment of a huge steel plant in the Sultanate, it was revealed yesterday.
Indian media quoted a top Indian executive as stating that a preliminary agreement, inked with the Steel Authority of India Limited (SAIL), envisions the joint development of a 3 million tons per annum (mtpa) capacity plant with an investment of around $3 billion.
A final agreement on the establishment of the project is expected to be signed within the next six months, SAIL's Chairman, C S Verma, is quoted as telling journalists in the Indian capital, New Delhi. The plant, whose location in Oman has not been disclosed, is expected to come on stream within three years thereafter.
© Oman Daily Observer 2011
