Oman to invest $3bn in Indian fertiliser plants

Oman has agreed to invest $3bn in reviving several fertiliser plants in India, which was one of several joint venture agreements between the two countries, it was reported on Sunday.

The Omani government has agreed to invest billions of dollars in reopening fertiser plants previously operated by the Fertiliser Corporation of India and the Hindustan Fertiliser Corporation Ltd, The Economic Times newspaper reports.

The agreement came about during the sixth session of the India Oman Joint Commission Meeting, which was held in Oman. The session looked at increasing bilateral trade between the two countries, which rose to $4.5bn last year.

"This initiative is expected to function as a catalyst to promote and partnership between the private sectors of the two countries and enhance the trade and investment between the two countries," said Anand Sharma, the Indian Minister of Commerce and Industry.

The Oman Oil Marketing Company also agreed to study the possibility to setting up a joint venture to develop a lube blending plant in Oman, which could be marketed to other countries in the region, the report added.

The two governments also looked at possible joint venture in a number of different sectors, including agriculture, airports, sea ports, railways, hospitals and nuclear power.