The UAE?s Moon Iron and Steel Company (MISCO) has announced that its billet manufacturing and rebars production facility in Oman is expected to become operational in 2015
According to Muscat Daily, the steel manufacturer has signed an agreement with Bank Sohar to help it procure a syndicate loan of US$270mn for the facility.
Bank Sohar would partly finance the project and approach local institutions to procure the remaining funds.
MISCO?s upcoming facility in Phase Seven of the Sohar Industrial Estate in the sultanate is expected to produce 1.2mn tonnes of steel billets per annum. Out of this output about 700,000 tonnes will be used to manufacture rebars each year, Muscat Daily reported.
Earlier this year, Jindal Shadeed Iron and Steel had announced that it would commission a new steel plant with a capacity to produce two million tonnes of steel per annum in the sultanate. This is expected to become the Gulf's largest steel manufacturing facility, according to company sources.
Bank Sohar chief executive officer Dr Mohamed Abdulaziz Kalmoor said, "We look forward to supporting such an important integrated project for the country. It aims to partly fill the gap in supply of steel billets in the sultanate and will service a number of industries."