Gulf Investment Corp, Japan's JFE to build pellets plant

KUWAIT CITY - Gulf Investment Corp said on Wednesday its Bahrain-based subsidiary Foulath had signed a deal with Japan's JFE Steel Corp to establish a 700-million-dollar steel pellets plant in Oman.

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By (AFP)

Published: Wed 3 Dec 2008, 5:26 PM

Last updated: Sun 5 Apr 2015, 12:06 PM

The plant, to be built in the Salalah free trade zone, will have total annual production of seven million tonnes, GIC said.

According to the deal, JFE pledges to purchase half of the output for 20 years, while the rest will be sold in China, Japan, India and the Gulf region.

Foulath will hold a 60-percent stake in the venture and JFE the balance.

Kuwait-based GIC was established in 1983. It is owned equally by the six members of the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

With authorised capital of 2.1 billion dollars, it focuses on developing private enterprise and economic growth in the Gulf by offering financial products and services.

(AFP)

Published: Wed 3 Dec 2008, 5:26 PM

Last updated: Sun 5 Apr 2015, 12:06 PM

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