India’s Jindal to build $390m steel project in Oman

India’s Jindal Saw, a manufacturer of energy steel pipes, plans to build a OMR150 million ($390 million) integrated iron and steel plant in Oman.

The company signed an agreement with Oman’s state-run Public Establishment for Industrial Estates (Madayn) to build the plant on a 583,000 square metre plot of land in a free zone in the city of Sohar.

“The project will increase the supply of steel pipes for domestic use and export market to align with Oman’s economic diversification and investments targets,” Madayn said in a statement to AGBI.

Oman is currently building 1,200km of pipelines to supply projects with carbon waste, gas and refined oil projects, according to Madayn.

Madayn is an Omani government entity responsible for developing and managing industrial cities and free zones across the country. It has more than 2,000 projects with investments of about $20 billion.

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Jindal Saw has also set up a joint venture with Saudi investment company Buhur to develop a pipe manufacturing facility in which Jindal will hold a 51 percent stake.

The company already has a ductile iron pipe facility in Abu Dhabi, which has been operating for more than a decade.

Jindal Saw, which is listed on the BSE in Mumbai, makes pipes for oil, gas and water projects. It is the world’s third-largest producer of corrosion-resistant ductile iron pipes. The company is valued at $1.36 billion.