Jindal Saw International and UAE''s Shadeed Iron and Steel
have entered into a joint venture to set up a one million
tonnes per annum seamless tube plant in Oman.
new plant is being set up in Sohar Industrial Port. Thirty
eight per cent of the main plant at Sohar has been completed,
and commercial production will start by the third quarter
of 2008. A consortium of foreign, local and regional banks
will finance the $4 billion mega project, Gaith Hamil
Al Gaith, chairman, Shadeed Iron and Steel, said.
seamless tube plant is targeting more than 50 per cent
of the region''s market of seamless tubes, Prithvi Jindal,
vice chairman of Jindal Saw International, said, adding
that demand is increasing sharply because of large-scale
expansion projects in the oil and gas industry.
are investing over $1 billion in the first phase of this
project, aiming to acquire half of the Middle East market,"
said his company was always looking to establish joint
ventures with local companies.
MoU will support the plans of Shadeed as it will be the
first seamless tube plant in the region, Al Gaith said.