Oman’s Jindal Shadeed to invest $3bn to produce green steel at Port of Duqm 

Oman’s Jindal Shadeed to invest $3bn to produce green steel at Port of Duqm 

RIYADH: Omani steel giant Jindal Shadeed Group intends to set up a $3-billion factory to produce “green steel” using renewable energy in the Special Economic Zone at the Port of Duqm on the country’s southeastern coast, SEZAD. The new operation aims to produce five million tons of green steel a year, creating over $800 million per annum in value addition, it said in a press release. The company, a part of the $22-billion Jindal Group, will supply high-quality steel products to sectors such as automotive, wind energy and consumer durables. It sees a booming demand for green steel from environmental, social, and corporate governance-conscious customers around the world, especially in Europe and Asia, who have already committed to a significant reduction in Scope 3 emissions by 2030, according to Group CEO Harssha Shetty. An MoU was signed by Shetty and Ahmed bin Hassan Al Dheeb, deputy chairman of the Public Authority for Special Economic Zones and Free Zones, while a land reservation agreement for the site for the project was also signed between the Group and Reggy Vermeulen, the port’s CEO. The Group, which claims to be Oman’s largest steel producer, also signed an MoU with the centralized utility provider,