India-based Jindal Group has stated that it is continuing its investments in Oman in line with its commitment to undertake several strategic investments aimed at fostering socio-economic growth and supporting the nation’s transition to a green economy.
The company is building a pelletizing plant in Sohar with an annual production capacity of six million mt. The plant is scheduled to commence production by the end of 2024. The group’s subsidiary Jindal Shadeed Iron and Steel (JSIS) is also investing in a carbon capture plant in Sohar, which is expected to be completed by the end of this year. In addition, JSIS has expanded its production capacity in Sohar to an annual 2.4 million mt. JSIS is also working with its partners to invest in renewable energy capacity to further decarbonize its steel production. With the new projects in Sohar, Jindal Group’s total investments in the area will exceed $1.5 billion.
Meanwhile, Jindal Group will invest $3 billion to develop a mega green steel project, known as Vulcan Green Steel, in Oman. A green steel plant with an annual production capacity of five million mt will be built and will be powered entirely by renewables and green hydrogen.
The group has also recently acquired Sohar Steel plant, which is one of the major producers of high-strength rebar in the country, as SteelOrbis previously reported. The plant annually produces 500,000 mt of high-quality steel products, including 8 mm to 32 mm rebars.
