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Muscat Daily
5 days ago
- Business
- Muscat Daily
Sohar Freezone signs deal for new ferrochrome plant
Muscat – Sohar Freezone has signed a land lease agreement with Matrix Alloys, a leader in low-carbon ferrochrome production, to build a new state-of-the-art, environmentally friendly ferrochrome plant. This initiative strengthens Oman's role as a regional hub for sustainable industrial development and supports the goals of Oman's 2050 Net Zero commitment to reduce carbon emissions and diversify the economy. The project, with an investment of $10mn, will occupy 2.2 hectares within Sohar Freezone and aims to produce 20,000 tonnes annually of micro-carbon and low-carbon ferrochrome. The facility will meet stringent purity and sustainability standards demanded by key markets including Europe, Japan, South Korea, and India. The first phase is expected to be operational by 2026. Utilising an electric-based production process that avoids coal and heavy-oil pollution, the plant will significantly reduce its environmental footprint and operate with zero waste gas or wastewater emissions. Furthermore, it seamlessly fits into Oman Vision 2040, promoting sustainable industrialisation and encouraging foreign investment to drive long-term economic growth and environmental stewardship In a press statement, Bailin Yi, Chairman of Matrix Alloys, said, 'Launching our first international ferroalloy plant in Sohar Freezone offers us a strategic location with excellent infrastructure, market access, and competitive, stable, and low-cost energy essential for the energy-intensive smelting processes. We are committed to delivering premium low-carbon ferrochrome products that support global stainless-steel producers and promote a cleaner industrial future.' Mohammed al Shizawi, Acting CEO of Sohar Freezone, said, 'This agreement underscores the trust that international investors place in Sohar Port and Freezone's integrated industrial ecosystem. Matrix Alloys is bringing advanced, sustainable manufacturing capabilities to our ferroalloy cluster, aligning perfectly with our vision to attract clean technology investments and strengthen Sohar Freezone's position as a competitive gateway for global trade.' Matrix Alloys will benefit from Sohar Freezone's proximity to raw material suppliers and customers, as well as direct port access, and a supportive regulatory environment that reduces operational costs. The plant also plans to secure ISO 14001 and ISO 14067 certifications to ensure full carbon emission traceability and compliance with international standards such as CBAM, EcoLeaf, and K-ETS. As Sohar Freezone approaches full capacity in its initial development phase, this agreement marks a significant milestone in expanding Oman's green industrial base and attracting technology-driven industries to the region.
Yahoo
21-04-2025
- Business
- Yahoo
TAQA acquires Transmission Investment, expands presence in UK offshore electricity transmission sector
The Abu Dhabi National Energy Company (TAQA) has acquired Transmission Investment, a UK-based electricity transmission development and services company, to bolster its presence in the offshore electricity transmission sector. Transmission Investment manages assets worth approximately Dh15bn ($4bn) and has a track record in the UK offshore transmission sector. The acquisition provides TAQA with an established team and the potential to expand into European and global markets. Transmission Investment will become part of TAQA Transmission, TAQA's subsidiary responsible for the development and operation of the company's high-voltage power and bulk water transmission infrastructure. TAQA Transmission CEO Afif Saif Al Yafei said: 'Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717bn per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario. 'That is why we are pleased to announce TAQA Transmission's first international acquisition, strengthening our growing portfolio and reinforcing TAQA's role as a global leader in low-carbon power and water solutions. This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK's 2050 Net Zero programme and our wider sustainability ambitions.' Transmission Investment has a 40% success rate in Offshore Electricity Transmission (OFTO) bids. The company, in partnership with Amber Infrastructure and International Public Partnerships (INPP), was recently selected by Ofgem as the preferred bidder for the Moray West OFTO. Transmission Investment is also developing interconnector projects, such as the FAB Link and LirIC, which aim to connect Great Britain with France and Northern Ireland. Transmission Investment founder and managing director Chris Veal will continue to lead TI, ensuring its ongoing performance and growth. Veal said: 'We are pleased that TAQA has acquired Transmission Investment. TAQA's experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition. 'The UK's targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. TI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.' Earlier this month, TAQA and the Emirates Water and Electricity Company (EWEC) agreed to develop and implement new energy infrastructure projects, supporting the UAE's National Strategy for AI 2031. "TAQA acquires Transmission Investment, expands presence in UK offshore electricity transmission sector" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
