Singapore firm establishes steel wire joint venture in Oman
Last Update: 05/12/2011 11:15:54
Oman’s Takamul Investment Company has signed a joint venture agreement with Singapore based supplier of marine and offshore electrical products BH Global Marine to establish a steel wire plant in Oman under the name of Gulf Steel Specialty Industry. The new facility will have a production capacity of 60,000 tonnes/year of galvanised steel wire for cable armouring applications. These wires will be used to protect aluminium cables. The plant is scheduled to begin operations in March 2013 and will employ around 100 people. “It is an important project as our strategy is to develop value adding projects in the fields of metals, petrochemicals and minerals,” Takamul says in a statement. Takamul, which is 90% owned by Oman Oil Company, has a 49% stake in the new JV, while BH Global Marine possess the remaining 51%. A Takamul representative declined to tell Steel Business Briefing where the new plant will source steel from or in which markets it plans to sell its steel wire output.
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Gulf Steel Specialty Industry.
Oman - Singapore firm establishes steel wire joint venture in Oman