The two-day Duqm Economic Forum (16-17 October, 2023) in Oman witnessed five agreements being signed for green industry projects.
As per local reports, the government has allocated vast expanses of flat land in the Al Wusta Governorate, near the Special Economic Zone at Duqm (SEZAD), for renewable energy projects, particularly hydrogen production. Talking about these sites, Dr. Ali Al-Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones (PASEZ) said at the forum, “These sites can easily be connected to the storage and export facilities at Duqm Port or Ras Markaz.”
PASEZ signed an agreement for building a $3 billion green steel project with production capacity of five million tonnes per annum. The project named Vulcan Green Steel is promoted by the India-based Jindal Steel Group.
The authority signed a memorandum of understanding (MoU) with the Posco-ENGIE coalition for allocating land in SEZAD for green ammonia and hydrogen derivatives production plant.
The authority also signed a usufruct agreement with Hyport Duqm- a partnership between Belgium based DEME and OQ – allocating a 150-square-kilometre land parcel in SEZAD.
An MoU with Shell Oman was signed for a green and blue hydrogen-cum-carbon dioxide storage project. The MoU includes preparing a masterplan to explore possible energy investments in the Special Economic Zone. Another MoU was signed with BP for a green hydrogen plant.
While Omani-Saudi signed MoU to implement the dualisation the 51-kilometre main road from Duqm Airport to Ras Markaz at a cost of 57.6 million Omani rials ($150 million). The road is expected to be completed in the second half of 2025 and will connect factories in the designated renewable energy zone in Duqm.
It was also disclosed at the forum that Vale S.A., the world’s largest producer of iron ore and nickel has plans to establish an Integrated Industrial Complex (Mega Hub) in the Special Economic Zone of Duqm.
Nasser Al Azri, Chief Executive Officer of Vale in Oman, said, “Since the start of our operations, Vale in Oman has been committed to amplifying its economic, social and environmental impact, working towards shared goals in line with Oman Vision 2024. Continuing our journey of growth and transformation, our Integrated Industrial Complex in the Special Economic Zone in Duqm will not only put Oman on world’s green steel-making map but will further reaffirm the Port of Duqm’s global positioning as a hub for green hydrogen and its derivative, all of which will significantly contribute to the development of a green economy for our nation.”
