India’s ACME Group, a leading renewable energy and green ammonia developer, is considering Oman as the site for a new low-carbon Direct Reduced Iron (DRI) project, with India’s Odisha also under review. The proposed plant would have a capacity of around 1.2 mln tons per annum, powered by green hydrogen expected to be available locally from 2030.
ACME already has a presence in Oman through its wholly owned subsidiary developing the first phase of a large green hydrogen and ammonia project at the Special Economic Zone at Duqm (SEZAD). If Oman secures the new investment, it will further strengthen the Sultanate’s emerging position as a hub for green iron and steel.
Duqm is fast becoming a focal point for low-carbon steelmaking, with at least four major projects underway. These include Jindal Duqm Steel’s USD 3 bln, 5 mln tons per annum hydrogen-ready plant; Vale’s planned Mega Hub for HBI and green iron products; a Kobe Steel-Mitsui venture for low-CO2 metallics; and Meranti Green Steel’s planned 2.5 mln tons per annum HBI facility.
Supporting ACME’s interest is a recently signed binding term sheet with Vietnam’s Stavian Industrial Metal for the long-term purchase of 0.8 mln tons per annum of green iron feedstock over 10 years. This agreement will be formalized into an offtake deal tied to the proposed Oman facility.
