Ahmed bin Abdul-Nabi Macki, Oman's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council has opened the Omani - Indian Fertilizers Factory built at a cost of around US $ 1 billion.
Maqbool bin Ali bin Sultan, Commerce and Industry Minister and chairman of Oman Oil Company's board said the project would further "enhance the historical friendship ties between the Sultanate and India."
According to ONA, the Minister added in an opening address that "this project would ensure stable and long term supplies of fertilizers to India at competitive prices to meet its agricultural needs and assist the country in achieving food self sufficiency." He added the project is the biggest joint venture to be established by India abroad.
He added the project would employ a larger number of Omanis, noting that the current Omanisation percentage in the factory is 38%.
Ahmed bin Salim al-Wahaibi, Executive President of Oman Oil Company and deputy chairman of Oman - Indian Fertilizers Company's board said the board agreed to establish a fund to support social projects in the Sultanate's various regions by allocating 1% of the company's annual profits to this purpose.
The project is owned by Oman Oil Company (50%) and the Indian side (50%). The factory consists of 2 ammonia production lines with a capacity of 1,750 cubic metric tonnes per day and other 2 urea production lines with a capacity of 2,503 cubic metric tonnes per day. The value of the first year's production is estimated at US $ 245 million.