Times of Omans reported that Aluminum Rolling Mill Company, owned by Takamul Investment Company has signed an agreement with FATA EPC, an Italian company to construct an aluminum rolling mill at the Sohar Industrial Estate with an estimated cost of USD 385 million.
The agreement was signed in the presence of Dr Mohammed bin Hamad Al Rumhi minister of oil and gas. The production capacity of the aluminum rolling mill is 140,000 tonnes of multipurpose rolled aluminum sheets. The project construction will take 31 months. All environmental and safety requirements were considered during the designing phase including selection of the latest technology in manufacturing flat aluminum rolled products.
At the ceremony, agreements related to the works for the project were signed, including natural gas supply and land usufruct agreements with the Public Establishment of Industrial Estates, the construction of transmission lines for transmitting power with Larsen & Toubro, financing agreement for funding the project with the National Bank of Oman and Bank Dhofar and marketing agreement for marketing the product with the Gulf Aluminum Rolling Mill, Bahrain.
Takamul Investment is involved in the development of value added projects in the field of petrochemicals, metals and mining. Takamul Investment is a 90% subsidiary of Oman Oil Company and the remaining shares are owned by Abu Dhabi Water & Electricity Authority and Al Maha Strategic Industries for Investments.
Nabil Abdullah Al Ghassani CEO of Takamul Investment stated that the project is so far considered the largest project of the added value to be implemented by the company in the field of aluminum and it will provide more than 270 direct job opportunities. This project will provide a number of further investment opportunities.
Mr Adel Rahman Hamad CEO of Aluminum Rolling Mill stated that the company has paid great attention to Omani nationals and has initiated selection and recruitment procedures, as well as, instituting training programs and pre-qualification with the assistance of Sohar Aluminum.
The ceremony was also attended by Dr Salim bin Nasser Al Isma’eeli, chairman of the Public Authority for Investment Promotion and Exports Development; Mr Khamis bin Nasser Al Jashmi oil and gas ministry’s undersecretary and representatives of companies operating on Sohar Industrial Estate.