Brazilian miner Vale has acquired the 30 percent shareholding participation that the Oman state energy company OQ Group holds at Vale Oman, located in the industrial complex of Sohar, in Oman.
Vale Oman includes an iron ore pellet plant, having a 9.0 million mt per year production capacity, and a distribution center for iron ore and pellets, with a 40 million mt per year capacity.
The 70/30 joint venture between Vale and OQ was established in 2007, with investments of $2.0 billion.
The sale is expected to be concluded during the second quarter of 2023, as it is supported by both partners, and Vale is planning the construction of an iron briquette plant near the pellet plant, in the Sohar industrial complex.
According to Talal Hamed al Awfi, CEO of the OQ Group, the sale is in line with the objective of the Oman Investment Authority of attracting and increasing foreign direct investments.