Oman National Engineering and Investment Company (ONEIC), a publicly traded Omani contractor, has announced that it has been awarded a significant contract for the construction of a 132kV/33kV power station in the Sohar Free Zone.
The contract, valued at $12 million (RO 4.8 million), was awarded by Sohar Titanium, the company said in a filing to the Muscat Stock Exchange (MSX).
ONEIC said in a statement that it anticipates realizing substantial profits from this contract, further solidifying its position as a leading engineering and construction firm in Oman.
According to the statement, “Sohar Titanium, a subsidiary of Minerals Development Oman (MDO), is building a first of its kind titanium dioxide on a 120,000 sq meter site in Sohar Freezone.”
The project, entailing an investment of $111 million (RO 43 million), targets a production of 150,000 tons of titanium dioxide per annum. It will transform raw materials into the vital ingredients for everyday products like paints, plastics, and even toothpaste. Scheduled to launch by 2025, Sohar Titanium promises to be a game-changer for Oman’s industrial diversification goals.
The Sohar Titanium project is a strategic partnership between the Minerals Development Oman with 35 percent of the share, and the remaining 65 percent is distributed to Dubal Holding and Stork International through the Gulf Titanium. This powerful synergy blends Omani expertise with international know-how, ensuring world-class technology and best practices underpin every aspect of the plant, as per the statement.
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