Jindal Shadeed Group, a pioneer in the steel industry, has entered into an agreement with the Special Economic Zone at Duqm (Sezad) in Oman to set up a $3-billion green steel manufacturing facility.
Slated to be the largest of its kind within the concession zone at the Port of Duqm, the factory will boast a 5-million-tonnes annual production capacity and will come up over an area estimated at 2 sq km. The plant will supply high quality steel products to automobile, wind energy and consumer durables sector, amongst others.
According to Jindal Shadeed, there is a booming demand for green steel from ESG (environment, social, governance)-conscious customers around the world especially in Europe and Asia, who have already committed significant reduction in Scope 3 emissions by 2030.
This announcement was made at a ceremony that included the signing of a memorandum of understanding and a land allocation agreement. The MoU was signed by Eng Ahmed bin Hassan Al Dheeb, Deputy Chairman of the Public Authority for Special Economic Zones and Free Zones, and Harssha Shetty, CEO of Jindal Shadeed Group. The land reservation agreement was signed by Jindal Shadeed Group and Reggy Vermeulen, Chief Executive Officer of Port of Duqm.
Jindal Shadeed Group also signed an MoU with the centralised utility provider, Marafiq, to provide the plant with the utilities necessary to operate the project such as water services, seawater for cooling purposes and other Marafiq services.