MUSCAT: The contribution of National Bank of Oman (NBO) to the sultanate’s strategically important industrial sector has been recognised following the inauguration of Gulf Mining Group’s new smelter at the Sohar Port and Freezone.

H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry, presented Hassan Abdul Amir Shaban, NBO’s head of government banking & business synergies, with a plaque commemorating the bank’s unique position as the sole project and working capital financier to the development.

The smelter comprises two blast furnaces with an aggregate production capacity of 50,000 tonnes per annum. The final product will principally be used in the manufacture of stainless steel for export to East Asian countries, and in time to western European countries. Shaban said,

“NBO is proud to be able to use its financial strength and technical expertise to support new economic growth opportunities within the sultanate. Thanks to the vision of His Majesty Sultan Qaboos bin Said to diversify Oman’s economy, the industrial sector in particular has enjoyed rapid growth in recent years and is today a major employer. Gulf Mining Group’s exposed-focused project in the Sohar Port and Freezone has the potential to create more jobs and economic growth for Oman.”

NBO has supported a number of significant national projects in recent years, including the Orpic expansion project, Octal Petrochemical Company, Electricity Holding Company plus subsidiaries and Duqm Development Company.

The bank is also proud to have been involved in the development of all Independent Power Producer and Independent Water and Power Producer projects established in Oman, including Sohar Power, Dhofar Power, Barka Power, Sembcorp Salalah and Al Kamils.

SOURCE: Muscat Daily