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With a $3 billion investment, Oman's Jindal Shadeed plans to build a green steel mill near the Port of Duqm | |
| Staff Writer |
Special Economic Zone in the Port of Duqm on the southern coast of the country, SEZAD, is where the Omani steel giant Jindal Shadeed Group plans to invest $3 billion to build a factory to create "green steel" using renewable energy. Green steel, in its most basic definition, is steel made without the use of fossil fuels.
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According to a press statement, the new facility would aim to manufacture five million tonnes of green steel annually, adding over $800 million in value each year.
The company will offer the automotive, wind energy, and consumer durables industries with high-quality steel products. The Jindal Group is a conglomerate with a market cap of $22 billion. According to Group CEO Harsha Shetty, the company has pledged to significantly reduce Scope 3 emissions by the year 2030 in response to a surge in demand for green steel from environmentally, socially, and corporate governance-conscious consumers around the world, especially in Europe and Asia.
Oman is making an effort to use cleaner sources of energy to meet industrial requirements, and the year-round availability of solar energy and wind resources in Duqm should encourage more investment in green industries and renewable energy projects. This is in keeping with the priorities of Oman Vision 2040, which emphasises the use of alternative energy and sustainable natural resources.
In order to diversify the port's economy and lessen its dependency on the oil and gas sector, Jindal Shadeed Group has already received the required licences to secure the land for a green hydrogen-ready steel project.