Oman Oil buys 30% stake in VOPC

30 May 2010

(MENAFN) Government-owned Oman Oil Company said in a statement that it has signed an agreement to buy 30 percent of Vale Oman Pelletizing Company (VOPC), a subsidiary of Brazil’s Vale in the Sultanate, Reuters reported.

The Vale plant, based in Sohar, has an annual production capacity of 9 million tons of iron ore pellets. It will be fully commissioned by mid-2011.

Oman is banking on foreign companies to set up projects in the country to diversify its economy, which depends heavily on oil exports.

Earlier, Oman said France’s GDF Suez is building two power projects worth $1.82 billion. GDF Suez will own and operate the power plants in a 15-year agreement signed with the government.

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