Minerals Development Oman Signs Partnership Agreement for Sohar Titanium Project
Muscat, 14 Sep (ONA) — Minerals Development Oman (MDO) has signed a shareholder agreement to develop a titanium dioxide production plant in Sohar Free Zone. The production plant will be on an area of more than 120,000 square meters, with a capacity of 150,000 tons per year, and a cost of RO 43 million. The project will provide more than 300 job opportunities.
Under the agreement, MDO will own 35% of the project shares while the remaining shares will be owned by strategic partners, most notably Stork International, a leading company in field of manufacturing products related to titanium dioxide, which is mainly used in pigment industry.
The purpose of selecting Sohar Free Zone as an ideal site for the project is to take advantage of the advanced infrastructure in the region, and to meet the project’s needs whether in importing the raw materials or exporting the final product, as well as the proximity of the free zone to the target markets.
It is hoped that the increase in foreign direct investment (FDI) will contribute to the project development, adding to that the establishment of a number of secondary industries associated to it. This in turn will create more job opportunities and increase the contribution of the mining sector to Oman’s GDP.
Minerals Development Oman was established in 2016 with a clear strategic vision to invest in the mining sector in the Sultanate, and to increase its contribution to the growth of the economic and social sectors by creating job opportunities and building local competencies, in addition to supporting small businesses and developing the in-country value (ICV).