|
x
|
Oman International Shrimp Company SAOC
DevCorp and Sea Farms International joined forces to develop and implement a 5000 acre shrimp farm with environmental value in southern Oman.
In January, 2001, Oman International Shrimp Company SAOC (OISC), an Omani joint stock company, was formed with 50% Omani ownership held by the Shanfari Group of Companies, Sindbad International LLC, and Dhofar International Development and Investment Holding Company SAOC and 50% foreign ownership held by Sea Farms International and DevCorp. The company was initially capitalized at $4.4 million and total development cost was expected to reach $50 million.
Sea Farms International operates one of the largest integrated shrimp farms in the world with 20,000 acres of ponds in Honduras and Venezuela. The Shanfari Group is one of the largest commercial enterprises in Oman; its chairman is the former Minister of Petroleum and Minerals.
The shrimp farm planned to produce tiger prawns for the luxury hotel and restaurant market with significant exports to international markets. The farm complied with the environmental principles promulgated in Oman.
The quickstart pilot phase of the shrimp farm was successfully completed. A hatchery complex was established in cooperation with the Omani Government in Muscat and 11 hectares of ponds with required infrastructure constructed in Duqm, 600 kilometers south of Muscat. DNA testing and disease control procedures were established in cooperation with the University of Arizona for the hatchery. Expansion plans to develop a 2000 hectare site for estimated production in excess of 8,000,000 kilograms per year are in process and financial closure was attained for the first commercial phase.
In October 2003 the Oman government confirmed their decision to establish a world-scale port and dry-dock project on the site of the OISC shrimp farm. No acceptable alternative sites were available and litigation is on-going between the Oman government and OISC reference appropriate reimbursement to OISC. Trowers and Hamlin is representing OISC in the litigation process.
