SOHAR Port and Freezone has signed a land development agreement with Moon Iron & Steel Company SAOC (MISCO). The signing took place between Mr. Mark Geilenkirchen, CEO of SOHAR Port and Mr. Sasikumar Moorkanat, Managing Director & CEO of MISCO. The overall project will see the construction of 700 m quay wall for an upcoming facility in the eastern area at SOHAR Port, set to begin at the end of December, 2021.
Commenting on the agreement, Mark Geilenkirchen, CEO of SOHAR Port, said, “In our journey towards becoming a key logistics hub in the region, we continue our endeavours to attract potential businesses to SOHAR. In line with our vision, we aim to utilise the available land as an extension of the current Steel and Logistics Cluster. We also seek to keep an eye out for industries that could further develop and strengthen the overall portfolio of services, provided by the Port. This way, we can facilitate the growth of the existing industries and tenants, alongside accommodating new types of services, industries and products. In addition, we will see the generation of 250 local job opportunities upon completion of the plant.”
Moon Iron & Steel Company SAOC (MISCO) is a front runner within the local iron and steel sector. It hosts an annual production capacity of 1.2 million t of high-grade reinforcement bars (re-bars), produced by its state-of-the-art steel plant. With ground-breaking projects in the pipeline, MISCO is positioned to leverage opportunities in the construction industry, both within Oman and in the Middle East North Africa (MENA) region at large.
Sasikumar Moorkanat, MD& CEO of MISCO stated, “With the construction of the land and quay wall for the new plant, we will be able to facilitate the handling of direct reduced iron as raw material for producing steel, as well as hot-rolled coil, which can be used for engineering applications, including pipe manufacturing, cold rolling, galvanising, structural fabrication and more.”
The eastern area at SOHAR Port is a prime location, hosting cool water access and proximity to the Petrochemical, Logistics and Food clusters. Since plots of land with waterfront access is rare in the GCC, SOHAR seeks to lease the land out to potential investors and businesses to partner up with. With a sizable land area of over 880 000 m2, it is ideal for companies in the logistics and metal sectors. The integrated Port and Freezone complex, provides an easy flow of business between the two, further enhancing convenience for tenants and investors, who are looking to set up at the rapidly expanding hub.
Read the article online at: https://www.drybulkmagazine.com/ports-terminals/23032021/sohar-port-and-misco-sign-land-development-agreement/
You might also like
Star Bulk has completed the second repurchase of 10 million of its common shares from Oaktree.