MUSCAT: Vulcan International Holding Company, a wholly owned entity of India-based global power and steel conglomerate Jindal Group, is implementing a slate of new steel-based projects in the Sultanate of Oman, including a first-of-its-kind green steel complex at Duqm.
Investments currently part of the holding company include Jindal Shadeed Iron and Steel, Sohar Steel, and Vulcan Pelletizing Plant in Suhar, and in Duqm Vulcan Green Steel.
Jindal Group said in a press statement that it is bolstering its commitment to Oman by undertaking several strategic investments aimed at fostering socio-economic growth and supporting the nation’s transition to a green, circular economy. The Group is working in alignment with Oman’s 2040 Vision to reduce the country's dependency on the oil and gas sector while diversifying into non-oil-based manufacturing.
Its flagship investment, Jindal Shadeed Iron and Steel (JSIS) facility in Suhar, has expanded its production to reach a capacity of 2.4 million metric tonnes per annum (MTPA).
In addition to Jindal Shadeed Iron and Steel and Vulcan Green Steel, the group is actively involved in other ventures in Oman’s steel industry through executing a backward integration strategy. Notably, the company is developing a 6 million TPA capacity pelletising project for Vulcan Pelletizing Plant in Suhar. Civil piling work on the plant, which will be equipped with Metso Outotec technology, is under way. The plant is scheduled to commence production by end of 2024.
Furthermore, a Submerged Arc Furnace plant producing 48,000 MT of ferro alloys further integrates JSIS value chain.
The group is also investing in a pilot Carbon Capture Plant at the Jindal Shadeed Iron and Steel facility in Suhar. Expected to be completed by the end of 2023, this project will unlock significant decarbonisation potential for JSIS operations and showcases the group’s dedication to environmental stewardship and reducing carbon emissions. JSIS is also working with the right partners to invest in renewable energy capacity to further decarbonise our production facilities.
Together with the new projects underway at the Syhar facility between 2023- 2024, Vulcan’s total investments in the area will exceed $1.5 billion. Through commitments to in-country value creation and job opportunities, forex outflow will be reduced by $500 million.
The group has also committed $3 billion to develop Vulcan Green Steel, a mega green steel project in the Special Economic Zone at Duqm (SEZAD).
Centring on a 5 million metric tons per annum (MTPA) green hydrogen-ready steel plant, the project will produce green steel on a large scale. It will be powered entirely by renewables and green hydrogen, making it one of the largest green steel facilities globally.
The group has also recently acquired Sohar Steel (SS) plant, a major producer of new generation high strength steel reinforcement bars. Located close to Sohar Port, it features advanced facilities like a Bendotti Walking Beam Reheating Furnace and Automatic Tension Control.
The plant produces 500,000 tonnes per annum of high-quality steel products, including 8 mm to 32 mm rebars. Shuttered for the past three years, its reopening helped save the jobs of 200 Omanis from the area.
Commenting on the company’s ICV strategies, Harssha Shetty, Chief Executive Officer of JSIS, said, “We are committed to His Majesty's Oman Vision 2040 and we are working towards aligning a comprehensive ICV agenda with national priorities, apart from the ongoing investments in assets and technology. Steel builds homes, bridges, nations and lives. We are executing our unique ‘mine to metal’ philosophy in all our operations which aims at complete integration of the steel value chain to maximise our ICV contribution and local employment in the Sultanate. We are blessed to have a very visionary and progressive government who are supportive to such initiatives. The core of our operations and Future projects is our unflinching commitment to safety, environment, quality and social sustainability."
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