Industrial partnership aims to reduce Oman's copper imports, boost ICV

11/09/2025 10:01 AST

As part of efforts by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) to enhance In-Country Value (ICV) and reduce reliance on imports, Green Tech Mining & Services has signed a Memorandum of Understanding (MoU) with Nuhas Oman to explore the localisation of copper cathode procurement.

The signing took place in the presence of H E Dr Saleh bin Said Masan, Undersecretary of MoCIIP for Commerce and Industry, alongside the Deputy Minister of Finance of the Republic of Austria and the Austrian Ambassador to Oman.

The MoU aims to increase dependence on domestic production of copper cathodes and reduce import volumes, positively impacting Oman's trade balance while supporting the sustainability of the industrial sector. Official statistics indicate that Oman's imports of copper cathodes reached approximately RO25.7mn in the first half of 2025, down from RO45.3mn in 2024. This underscores both the scale of the challenge and the importance of localising procurement to reduce reliance on external sources.

H E Dr Masan highlighted that the MoU reflects national efforts to achieve the objectives of Industrial Strategy 2040, which places special emphasis on enhancing ICV and strengthening the industrial sector's capacity. "We are advancing the implementation of Industrial Strategy 2040, which focuses on diversifying the economic base, increasing the contribution of manufacturing industries to GDP, and creating a supportive environment for sustainable industrial investment," he stated.

Eng Khalid bin Salim al Qasabi, Director General of Industry at MoCIIP, noted that the MoU builds on achievements made in the first half of 2025, including the launch of Green Tech Mining's plant in Sohar, expected to reach a production capacity of 12,000 tonnes annually by 2026. The project will contribute to the development of an integrated ecosystem supporting local copper supply chains.

Gopalakrishnan, CEO of Nuhas Oman, said the company, which has over two decades of experience in producing copper wires and cables, looks forward to collaborating with Green Tech Mining & Services to develop a local source of copper. He emphasised that the initiative would significantly enhance in-country value, create new job opportunities for Omani youth, and support sustainable industrial development.

Ernst Grissmann, Chairman of Green Tech Mining & Services, said, "We are pleased to partner with Nuhas Oman, reflecting our commitment to supporting Oman Vision 2040 and strengthening in-country value. Our cooperation aims to reinforce national supply chains, create quality opportunities for Omani youth, and enhance resource efficiency, thereby contributing to a more sustainable and diversified economy."

Muscat Daily