Vale and Apollo enter into a joint venture partnership related to the Vale Oman Distribution Center
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Vale and Apollo enter into a joint venture partnership related to the Vale Oman Distribution Center
Vale informs that it has entered into a joint venture agreement with Apollo¹ related to the Vale Oman Distribution Center (VODC).
VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Under the terms agreed, Apollo will pay a total consideration of US$ 600 million and will hold a 50% stake in the joint venture entity. Closing is expected for the second half of 2024, subject to customary regulatory approvals. Vale will continue to hold 100% of Vale Oman Pelletizing Company (VOPC).
¹ The agreement was signed by Vale International S.A. (a subsidiary of Vale S.A.) and AP Oryx Holdings LLC.
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