MUSCAT: In a strategic alliance with the Sultanate of Oman, Vulcan Green Steel (VGS), part of the Jindal Steel Group, is embarking on an ambitious journey to establish a groundbreaking low CO2 emission steel project within the Duqm Special Economic Zone. Using a combination of natural gas and renewable electricity, this venture promises to revolutionize sustainable steel production not only in Oman but also on a global scale.
VGS has secured a 30-year land lease agreement with the Public Authority for Special Economic Zones and Free Zones (OPAZ) to develop and operate a state-of-the-art integrated steel mill complex on a sprawling 2-million m2 site at the Port of Duqm. This complex serves as a testament to VGS's commitment to decarbonizing a traditionally carbon-intensive industry. It adopts a comprehensive approach, intending to harness green electricity and green hydrogen throughout the supply chain, resulting in an impressive 85% reduction in carbon emissions compared to conventional steel production, which emits up to 2 tonnes of CO2 per tonne of steel.
Beyond the significant economic and environmental advantages this landmark undertaking presents, the integrated steel complex will play a pivotal role in generating both direct and indirect employment opportunities during construction and operation. At its peak construction phase, more than 8,000 workers will be engaged on-site, underscoring the magnitude of this endeavour.
When operational, VGS is poised to attract local and international investments into a thriving downstream industry, driven by the availability of high-quality, yet cost-competitive, green steel products in Duqm. Potential investors in this sector include industry leaders in electric vehicle (EV) manufacturing, wind energy, and white goods, while small and medium-sized enterprises (SMEs) in the Duqm area are anticipated to benefit from numerous business opportunities.
Sustainability lies at the heart of VGS's Duqm investment, not only through its use of zero-carbon energy resources but also by maximizing the creation of value for Oman and its local economy as per Oman Vision 2040.
As a world-renowned producer of steel, VGS is another venture by the Jindal Steel Group to expedite Oman's economic diversification strategy. The company is also committed to promoting localization, fostering In-Country Value (ICV), nurturing the skills of young Omanis, and nurturing a novel industrial ecosystem centered around sustainable steel production.
In essence, the collaboration between VGS and the Omani government aligns seamlessly with Oman Vision 2040, the nation's visionary roadmap for a diversified, sustainable, and economically thriving future. This partnership represents a paradigm shift in industrial investment in Oman, built on the pillars of technological innovation, economic diversification, and unwavering sustainability principles.
VGS is among the premier sponsors of the highly anticipated Green Hydrogen Summit Oman, scheduled from December 12 to 14, 2023, at the Oman Convention and Exhibition Centre in Muscat. Organized by Birba, an events, media and intelligence company based in Oman, the GHSO summit is poised to draw an international crowd of over 5000 delegates. The event promises insightful discussions, converging energy leaders, and policymakers to chart the course toward a Green Hydrogen future.
About Vulcan Green Steel:
Vulcan Green Steel (VGS) is a newly established entity and the steel arm of Vulcan Green Group. Our parent group Jindal Group of Companies is the oldest and largest steel family in India with 50 years of steelmaking expertise.
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