OMAN - Industry
CEO, Vale Oman
Bio
Nasser Suleiman Al Azri was appointed CEO of Vale Oman Pelletizing Company in March 2023, making him the first Omani CEO of a 100% foreign-owned company in Oman. At just 34 years old, he brings a fresh perspective to the role and is dedicated to upholding the principles of safety, equity, and community responsibility. A seasoned finance executive leader with expertise in industrial and logistics operation management, Nasser excels in managing multiple initiatives concurrently in high-pressure environments. Throughout his career, he has consistently demonstrated the ability to build, motivate, and lead engaged teams that achieve sustainable and excellent results. Prior to his appointment as CEO, Nasser was CFO at Vale Oman Pelletizing Company, a position he held from 2017, where he was responsible for directing and leading Vale Oman’s strategic, financial, and administrative functions. As Vale’s CEO Nasser believes that safety is a collective responsibility, one where people are always at the core of operational excellence. His educational background includes an EMBA from HEC Paris, a BSc with Honours in Operation Management from Nottingham Business School, and an Executive Certificate from Babson College in Boston.
Our relationship with Oman dates back to 2007 and our journey has been nothing short of incredible. We landed in Sohar because of its strategic location, availability of natural resources, and political stability. Sohar is also the only port deep enough to receive ValeMaxes, our biggest iron ore carriers. Although we are a mining company, we do not actually mine in Oman, we like to say that we bring a virtual mine to the country. Vale is one of the biggest producers of iron ore in the world and contributes to almost all of the seaborne iron ore. In fact, Vale itself produces 320 million tons of iron ore a year. In Oman, we process around 20 million tons of that and today, we are proud to say that our operations here are considered one of Vale’s key investments globally.
Our planned Mega Hub in Duqm is not technically green steel because that implies zero carbon emissions. We prefer to call it “the road to green steel.” We have been very transparent in our journey in producing green steel and fulling our global net zero commitments. The steel industry is one of the heaviest emitting industries worldwide and steel makers must gradually move away from the traditional steel production that uses coal to a cleaner source like natural gas. However, even natural gas has emissions and as a result, the industry has turned to hydrogen as a viable solution. The road to green steel is one of the main reasons why we chose Duqm. While in Sohar, we solely have a pelletizing plant, the Mega Hub in Duqm is different, where steel makers will join us to make “briquettes,” a Vale invention under development since 2000. Pellets need to be heated in traditional pelletizing processes, at temperatures of above 1000 degrees Celsius. On the other hand, our briquetting process (product, developed and patented by Vale) only requires 250 degrees Celsius, which eliminates the need for high heat and the use of natural gas, already reducing emissions by over 70%. The Sultanate of Oman’s agenda to establish a hydrogen based-economy is fundamental to our plans to decarbonize the industry. In addition, Duqm’s focus on hydrogen and the country’s political stability all contribute in creating the right ecosystem we need to invest in building our multi-billion-dollar Mega Hub.
We are committed to lead the transition of the mining industry to net zero. Our focus has shifted dramatically; while we used to pride ourselves on being the biggest producers of iron ore in the world, today, our driving force is being the most sustainable. As major players with significant resources, Vale and other producers have a massive obligation to lead by example and change has to start with us. Our briquetting technology for example is focused on both cost and sustainability as we firmly believe that sustainability can be profitable. In fact, the briquettes are a validation that companies can achieve lower costs while minimizing environmental impact.
Today, companies need fewer people working hands-on and more people working with data. That is how we see the industry evolving. On our site, there is minimal human interaction as we have digitalized most processes. Thanks to our OCS data analytics system, results are being seen not only in terms of smart decisions, but also the speed at which decisions are made. The time it takes us to identify and take action has shortened. In addition, we can predict emissions, where they come from, where to take action, wind speed, weather, seasonality, and much more. Now, it is a matter of scalability—how can we use the same data in the context of safety or environmental performance.
Mining is not only about mining, but about logistics and the whole chain. It is a business of scale at the end of the day. What we can do in the country is help advance the exploration and logistics side of the business. We are not completely familiar with the challenges that miners face in day-to-day operations, however, there is real potential in organizing and scaling the industry to ensure an efficient logistics system is in place. Vale has a rich history in mining and we can contribute with the experience to further advance the industry in Oman.
Many are wrong to underestimate Oman’s investment potential. As a foreign company, Vale acts as an ambassador. We see the potential, and choosing Sohar which is the only Middle Eastern port that can handle Valemax ships that are crucial for the project, and now Duqm, prove it. We invite clients to join us in our Mega Hub in Duqm, and they have been left impressed with the potential the country has. To date, Vale has signed nearly 50 MoUs with potential partners seeking a viable partner. They see Vale’s economic value and the significant government shift toward investment. For example, 100% foreign ownership was subject to special approvals in 2011, however, today it is no longer the case. A dedicated Oman Investment Authority is also a recent development that is helping shape the country to become an even more attractive investor destination.
Our goal is driven by our global strategy which we refer to as Vale100. This strategy identifies strengthening our foothold in Oman and the region as our primary focus. As mentioned previously, sustainability is always at the top of our agenda and we plan to use 100% renewable electricity by 2030. We will also reduce 33% of our scope one and scope two by 2030. Long term, we have our 2050 targets of carbon neutrality. We aim to see briquettes replacing the pelletizing process long term. An ambitious but realistic goal. Ultimately, we want to make Oman a globally recognized and respected steel hub. Although that is in the longer-term, everything we have achieved and are doing today is contributing towards this objective.
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