MUSCAT: InvestOman, the government’s preeminent investment facilitation arm, has announced the signing of a commercial agreement with Green Ferro Alloy (FZC) LLC, which is establishing a first-of-its-kind silicon metals production plant at SOHAR Port and Freezone.
In a post, InvestOman said it is working with various government sector stakeholders in “facilitating the investment journey of Green Ferro Alloy (FZC) LLC,” given especially the project’s significant value-add investment potential.
“We extend our gratitude to our strategic partners from various government entities for their significant contributions in facilitating the investment journey of Green Ferro Alloy (FZC) LLC, which is establishing a silicon metals production plant at SOHAR Port and Freezone,” said InvestOman.
“This project aims to meet the growing demand for silicon metals in Asian, European, North American and local markets, while also paving the way for downstream polysilicon production to drive value-added opportunities and industrial growth in the region,” it further added.
The pact underscores InvestOman’s commitment to providing expert assistance and services, notably by facilitating all required government approvals and permits, unlocking any applicable incentives and tax benefits, and enabling the speedy delivery of the project.
Last June, Green Ferro Alloy broke ground on its silicon metal plant on a 160,000 m2 site within SOHAR Port and Freezone. Total investment in the venture is estimated at $68 million with output of high-quality silicon metal envisioned at 25,000 tonnes per annum (TPA) in the first phase and expanding to 50,000 TPA in the second phase.
Silicon metal output from the plant is proposed to be crushed and bagged for exports to international markets. But a promising downstream value-add industry also awaits locally for investors eager to explore investments across a wide array of silicon-based manufacturing activities.
As a strategically vital metal, competitively priced silicon can be harnessed to manufacture high-value silicon chips for semiconductors, which are an integral part of any electronic device. Additionally, the metal can be used in the manufacture of solar cells — the building blocks of solar panels for the renewable energy sector.
Furthermore, silicon metal plays an important role as an alloying element and supports the de-oxidation process of liquid steel and cast iron. It also finds extensive applications in the automotive and construction sectors and in the production of aluminium-silicon and other alloys. Besides, as an ingredient in the production of silicone, it contributes to a wide array of applications, notably in the cosmetics, construction materials, medical, automotive and electrical products industries.
Attracting investment in these downstream opportunities unlocked by the Green Ferro Alloy project is also part of InvestOman’s remit in line with the government’s broader goal to support the diversification of the Omani economy.
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