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FINANCIAL NEWS
Oman officials to unveil USD14b port development at Seatrade
01 Nov 2012
(MENAFN) Maritime industry leaders from Oman will showcase a major maritime project in Sohar at the Seatrade Middle East Maritime (SMEM) 2012 held in Dubai in November, The Maritime Executive magazine reported.
The investments are estimated to surpass USD14 billion, and include the expansion of the port of Sohar, along with the Sohar Free Zone, which will see the port facility become a hub for chemical trading.
Representatives from Oman Drydock Company, including Deputy CEO Sheikh Khalil Al-Salmi, along with Sohar Port and key government representatives will showcase wider development plans for the sector, which has been further boosted by news that the government has upped 2013 budget spending on infrastructure, including ports, by 10 percent.
Sohar Port has been growing steadily during the last five years. It recorded a 100 percent increase in productivity last year, as well as vessel call growth, which rose 34 percent in 2011 compared to 2010 figures.
This was driven by regional economic recovery, which led to increased handling of steel and gas-related products, as well as the launch of a new liquid terminal jetty operation.
2011 was also an important year for dry bulk throughputs with the launch of new production line facilities.
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