São Paulo – Mining company Vale sold a minority stake of 30% in Vale Oman Pelletizing Company LLC (VOPC), a subsidiary of the Brazilian company established to run a pelleting plant in the Arab country, to Oman Oil Company S.A.O.C. (OOC). The sale was for US$ 125 million.
According to a press statement disclosed by the company, “the agreement is in line with the Vale business strategy, which includes the maintenance of long-term partnerships with the main local companies to support the implementation of greenfield projects.” The mining company says that it “believes the transaction with OOC should contribute to the success of the strategy for development of business in the region, adding shareholder value.”
Apart from the pelleting plant, Vale is also investing in an industrial logistics centre, both in Sohar Port, in Oman.
After conclusion, the project should also cover a maritime terminal and a distribution centre, with capacity for movement of up to 40 million tonnes of metal and pellets a year.
*Translated by Mark Ament
