Oman Cables Industry and Takamul Investment Co, linked to state-run Oman Oil Co, will set up a joint venture plant to produce aluminium rods and electrical conductors. Oman’s bourse earlier cancelled trades in shares of Oman Cables after the stock surged almost 10 percent for a second trading day. A broker said there was talk on the market about Oman Cables opening an aluminium plant with another company.
“The project will be owned 51 percent by OCI and 49 percent by Takamul,” Hussain Salam al-Lawati, managing director of Oman Cables, told reporters after signing the agreement to set up the plant in Sohar. He did not say how much would be invested.
The plant, which is expected to go on stream by the first quarter of 2009, will use liquid metal from Sohar Aluminium smelter as its main feedstock. It will supply its products to regional power utilities and international markets
