Wednesday 10 / September / 2025
Muscat: As part of the Ministry of Commerce, Industry and Investment Promotion’s (MoCIIP) efforts to enhance In-Country Value (ICV) and reduce reliance on imports, Green Tech Mining & Services LLC signed a Memorandum of Understanding (MoU) with Nuhas Oman LLC to explore the localisation of copper cathode procurement.
The signing ceremony took place in the presence of Saleh bin Said Masan, Undersecretary of the MoCIIP for Commerce and Industry, along with the participation of the Deputy Minister of Finance of the Republic of Austria and the Austrian Ambassador to the Sultanate of Oman.
The MoU aims to increase reliance on domestic production of copper cathodes and reduce import volumes, positively impacting Oman’s trade balance and supporting the sustainability of the industrial sector.
Official statistics show that Oman’s imports of copper cathodes reached about OMR25.7 million by June 2025, compared to OMR45.3 million in 2024.
This highlights both the scale of the challenge and the importance of localising procurement to lessen dependence on external sources.
Dr. Saleh bin Said Masan emphasised that the MoU reflects national efforts to realise the objectives of Industrial Strategy 2040 , which places special importance on enhancing ICV and strengthening the industrial sector’s capacity.
“We are moving forward with 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, explained that the MoU builds on achievements made in the first half of 2025. These include advancing the launch of Green Technology’s plant in Sohar, with an expected production capacity of 12,000 tonnes annually by 2026, contributing to the development of an integrated ecosystem supporting local copper supply chains.
“This partnership reflects Oman’s direction towards empowering Omani factories, fostering industrial innovation, and expanding the use of domestic inputs across industries, “ he added.
Gopalakrishnan, CEO of Nuhas Oman LLC, noted that the company, with over two decades of experience in producing copper wires and cables, looks forward to collaborating with Green Tech Mining & Services LLC to develop a local source of copper.
He explained that this step would significantly enhance in-country value, create new job opportunities for Omani youth, and support sustainable industrial development in Oman.
Ernst Grissmann, Chairman and a key figure at Green Tech Mining & Services LLC, commented, “We are pleased to collaborate with Nuhas Oman LLC in this partnership, which reflects 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 building a more sustainable and diversified economy.”
This initiative is expected to strengthen copper value chains in Oman and boost non-oil merchandise exports, which grew by 9% by the end of June 2025 compared to the same period in 2024, reaching more than OMR 6.2 billion by the end of last year.
By signing this MoU, the Ministry of Commerce, Industry and Investment Promotion reaffirms its commitment to the sustainable industrial transformation path led by the Sultanate of Oman through Industrial Strategy 2040, ensuring balanced economic growth and enhancing the competitiveness of Omani products in regional and global markets.
