Brazilian minerValehas acquired the 30 percent shareholding participation that the Oman state energy company OQ Group holds atValeOman, located in the industrial complex of Sohar, in Oman.
ValeOman includes an iron orepelletplant, having a 9.0 million mt per year production capacity, and a distribution center for iron ore and pellets, with a 40 million mt per year capacity.
The 70/30 joint venture betweenValeand OQ was established in 2007, with investments of $2.0 billion.
The sale is expected to be concluded during the second quarter of 2023, as it is supported by both partners, andValeis planning the construction of an iron briquette plant near thepelletplant, in the Sohar industrial complex.
According to Talal Hamed al Awfi, CEO of the OQ Group, the sale is in line with the objective of the Oman Investment Authority of attracting and increasing foreign direct investments.