Oman Oil Company, which is wholly owned by the Sultanate of Oman, has announced that it has signed a share transfer agreement with the Brazilian miner Vale for 30 percent of the registered share capital in Brazilian mining giant Vale's pelletizing plant in the Sohar Industrial Complex in Oman.
Meanwhile, Vale proposes to increase the capacity of the Sohar pelletizing complex to 12 million mt per year in the short run, compared to an earlier plan to double its capacity to 18 million mt per year, according to local media reports.
The capacity expansion will be carried out when the government provides additional gas and when the market conditions become favorable, said Jose Carlos Martins, Vale's executive director for ferrous and strategy.
Vale's industrial complex in Sohar is comprised of a two-unit pelletizing plant, each unit having a nominal capacity of 4.5 million mt annually, in addition to a distribution center with an annual capacity of 40 million mt per year.