Jindal Shadeed Group has announced an investment of more than $3 billion to set up a renewable-powered green steel plant in Duqm, Oman’s Special Economic Zone that will produce high-strength automotive products for customers in the Middle East, Europe, and Japan. Jindal Shadeed Group, which is a part of the $22 billion Jindal Group, is the largest steel producer in Oman.
This strategic project is being built over an area estimated at approximately 2 square kilometers in the concession zone at the Port of Duqm.
The company has the necessary approvals in place to secure land for a green hydrogen-ready project that can process 5 million tons of steel a year, said Harssha Shetty, CEO of Jindal Shadeed Iron and Steel.
The plant will be built at the Special Economic Zone at Duqm, which is the largest economic zone in the Middle East, with an area of 2,000 sq kms, and is expected to be completed by 2026.
Shetty noted in a statement that there is a “booming demand for green steel from ESG conscious customers around the world especially in Europe and Asia, who have already committed significant reduction in Scope 3 emissions by 2030.”
Oman is making significant efforts toward using cleaner sources of energy to meet industrial requirements. During the announcement ceremony, which was held December 4, Reggy Vermeulen, CEO of Port of Duqm said the project aligns with the priorities of Oman Vision 2040 to use alternative energy and sustainable natural resources.
“The project also serves the comprehensive national strategy which focuses on reducing emissions and achieving carbon neutrality,” he said.