Jindal Steel Launches $3 Billion 'Green Steel' Project

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by KnowESG
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Jindal Shadeed Group plans to build a green steel plant in Duqm, Oman's Special Economic Zone, with an announced investment of more than $3 billion. The plant will create high-strength automotive parts for customers in the Middle East, Europe, and Japan.

This project is being built in the concession zone at the Port of Duqm. It will cover an area of about 2 square kilometres.

Harssha Shetty, CEO of Jindal Shadeed Iron and Steel, said that the company has all the permissions it needs to buy land for a green, hydrogen-ready project that can process 5 million tonnes of steel a year.

The plant will be built in the Special Economic Zone at Duqm, which has an area of 2,000 square kilometres and is the largest economic zone in the Middle East. The project is expected to be completed by 2026.

Shetty said in a statement that there is a "booming demand for green steel from ESG-conscious customers around the world, especially in Europe and Asia, who have already promised to cut Scope 3 emissions by a lot by 2030."

Oman is making a lot of effort to meet industrial energy needs with cleaner sources of energy. During the ceremony on December 4, Reggy Vermeulen, the CEO of Port of Duqm, said that the project fits with the goals of Oman Vision 2040 to use renewable energy and natural resources sustainably.

“The project also serves the comprehensive national strategy, which focuses on reducing emissions and achieving carbon neutrality,” he said.

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Source: Oil & Gas