SOHAR Port and Freezone signed a land lease agreement with Sohar Noble Metals (FZC), for the production of Vanadium and Niobium metals in SOHAR Freezone. With a total investment of USD 7M, this project will significantly enrich the minerals portfolio in SOHAR, enhancing industrial diversity. Vanadium and Niobium play crucial roles as additives in the metals industry, enhancing the strength and durability of various types of metals.
The project, covering an area of 5,000 square meters, will be designed and constructed to supply the superalloys industries within the United States and Europe markets with Vanadium and Niobium ingots.
The project output is expected to attract further investments from companies reliant on these crucial metals which will enhance the continuous development of SOHAR Freezone.
