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Vale to Sell Minority Stakes of Oman Subsidiary
06/01/2010 - Vale S.A. has entered into an agreement with Oman Oil Co. S.A.O.C. (OOC) to sell 30% of Vale Oman Pelletizing Co. LLC, for US$125 million. OOC is a wholly owned company of the Government of the Sultanate of Oman.
Vale S.A. has entered into an agreement with Oman Oil Co. S.A.O.C. (OOC) to sell 30% of Vale Oman Pelletizing Co. LLC (VOPC), for US$125 million. OOC is a wholly owned company of the Government of the Sultanate of Oman.
The transaction remains subject to the terms set forth in the definitive share purchase agreement to be signed after the fulfillment of precedent conditions.
Vale says that this strategic partnership reinforces the commitment to its venture in the Sultanate, contributing to the country’s social and economic development. Vale is investing in a pelletizing plant and an industrial logistics center located within the Sohar Industrial Port Complex in Oman.
VOPC was formed by Vale to manage the construction and operation of the pelletizing plant. Plant start-up is scheduled for the second half of 2010 and will have a nominal production capacity of 9 million tonnes of direct reduction pellets per year.
Upon completion, the industrial logistics center will encompass a maritime terminal and a distribution center, with handling capacity of up to 40 million tonnes of iron ore and pellets per year.
