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L&T MFY to transform region’s capabilities, says official
MUSCAT — A 100 per cent export-oriented and state-of-the-art plant for fabrication of offshore equipment for the oil and gas industry, the first of its kind in Oman, was officially inaugurated on Monday as part of the sultanate’s 40th National Day celebrations.
L&T Modular Fabrication Yard (L&T MFY), at the Sohar Industrial Port Area, is a joint venture between India’s Larsen & Toubro and Zubair Corporation of Oman involving a total capital outlay of $60 million that is expected to top $100 million when an ongoing expansion project is completed in the next few years. At the ceremony in Sohar, attended by top dignitaries, Minister of National Economy Ahmed bin Abdulnabi Macki, the guest of honour, dedicated the plant to the nation.
The L&T MFY unit, covering an area of 400,000 square-metres with an exclusive load out facility, boasts the latest amenities for heavy fabrication, sophisticated equipment for testing and load out of ultra large modules, key officials of the company told a Press conference here earlier.
“L&T MFY is the first of its kind in the country and will transform the region’s capabilities for the fabrication of offshore equipment for the oil and gas sector. The venture will focus on sustainable growth in harmony with the environment and the community around us,” L&T Chairman and Managing Director, A. M. Naik said.
The plant has an annual capacity of up to 50,000 tonnes. “Everything manufactured here will be exported,” K. Venkataraman, President, Engineering and Construction Projects at L&T, said, adding that shipments this year would be to the tune of $70 million that would rise to more than $100 million in the next few years.
The customers would mainly be oil companies in the Gulf, the West and Africa, he added, also underlining that L&T MFY was “a world class venture that sets regional benchmarks in terms of size, scale and sophistication. It is the first facility in Oman geared to build very large structures for the upstream oil and gas industry. It will build structures that have never been built before in the region.”
Venkataraman said training of nationals would be a top priority and the company had already sponsored the training of 215 Omanis, adding: “Eight-three of them have finished their training and have been absorbed by the company.”
Zubair Group Chairman Rashad bin Mohammad Al Zubair referred to the group’s 15 year long association with L&T.
“Though the manufacturing sector in the Middle East region is still in its early stages,” he said, “we realised that Oman’s unique advantages of location, including the port facilities at SIPC, provide the opportunity to establish a mega manufacturing facility supplying equipment to large oil and gas companies around the world.”
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