MUSCAT -- India's engineering and construction powerhouse, Larsen & Toubro Limited (L&T), has offered to support Oman's economic aspirations particularly in the field of heavy industry and infrastructure development. The conglomerate's Chairman and Managing Director, A M Naik, said the company wished to be a partner in the Sultanate's drive to develop its industrial, material and manpower potential.
Speaking at a ceremony at the Muscat InterContinental yesterday marking the plot documentation signing for the L&T Modular Fabrication Yard (L&T MFY) project at the Port of Sohar, Naik said the Indian engineering giant had much to offer the GCC, and Oman in particular, in terms of the company's expertise in the core infrastructure and energy sectors.
He described the L&T MFY project -- a joint venture of L&T (65 per cent) and The Zubair Corporation (35 per cent) -- as another milestone in the company's burgeoning business ties with the Sultanate. Through its joint ventures with The Zubair Group, L&T has been closely involved in the development of key sectors of Oman's economy. Larsen & Toubro (Oman) LLC, the first of these JVs launched 12 years ago, offers turnkey construction services for all types of projects and is one of the largest construction companies in Oman today.
L&T has also jointly participated with Zubair in Larsen & Toubro Electromech LLC (LTEM), formerly known as Zubair Kilpatrick LLC. It is engaged in operations and maintenance of electromechanical systems for building utilities and is also a major contractor to Petroleum Development Oman (PDO) in oilfield projects. Among the projects implemented by L&T in Oman are a 240 MW power plant at Salalah, the Barr al Jissah resort complex, and the Al Mawaleh interchange.
"L&T has established a strong foothold in Oman and would like to undertake more mutually fruitful projects, and thereby contribute to the prosperity of both our nations," Naik said. L&T's decision to choose Sohar for setting up the offshore fabrication facility stems from a combination of favourable factors, notably its deepwater port, all-weather fabrication potential, proximity to potential customers, and lower costs than other Middle East locations. Also, as its only fabrication yard in the Gulf, L&T is committed to its further development and expansion, Naik stated.
Jan Meijer, Chief Executive of Sohar Industrial Port Company (SIPC), which signed a sub-usufruct agreement with L&T MFY, said the professionalism, dedication and high-tech sophistication employed by L&T would enhance Oman's competitive edge in the Gulf region. Welcoming L&T into Sohar Port's "family of multinational investors", he said the fabrication yard would add to the diversity of industrial projects under development at the port.
Indian Ambassador Ashok Kumar Attri described the fabrication yard as another significant addition to Oman-India economic ties after the groundbreaking launch of the Oman-India Fertiliser (OMIFCO) project last year. The latest venture will also contribute to the transfer of technical know-how and human resources development in Oman, he added.
By Staff Reporter
© Oman Daily Observer 2006
