Oman Fisheries signs pact to boost yellowfin tuna fishing

MUSCAT, OCT 1

Oman Fisheries Company (OFC) has tapped an Ecuador-based company for the provision of a commercial fishing vessel that will support the Omani firm’s yellowfin tuna fishing operations.

In a disclosure to the Capital Market Authority (CMA), publicly traded Oman Fisheries said it has signed a commercial fishing agreement with Transmarina SA covering the use of its vessel which is equipped with refrigeration capabilities with freezing temperatures of -40 degrees centigrade.

“In the initial stages, the vessel will target 500 metric tonnes of Yellowfin Tuna using long-liner fishing methods. Oman Fisheries Company will prepare, process, value add and distribute and export to local and international markets. The company is finalizing the necessary procedures with the local competent authorities,” the company stated.

The agreement is the latest in a flurry of pacts concluded by Oman Fisheries – a subsidiary of Fisheries Development Oman (FDO) – aimed at expanding and modernizing its capabilities to enhance the contribution of the sector to the country’s GDP.

Recently, well-known Omani logistics firm Al Madina Logistics Services Company (AMLS) signed a long-term agreement for cold chain storage and logistics with Oman Fisheries Company. The agreement provides Oman Fisheries with multi-temperature on-demand storage and handling at multiple AMLS distribution centres, as well as value-added services and inland transportation.

Last month, Oman Fisheries signed a purchase and marketing agreement with Al Wusta Fisheries Industries LLC, also a subsidiary of FDO, that was established in collaboration with the Ministry of Agriculture, Fisheries and Water Resources as part of the nation’s desire to further develop the fisheries sector. The company has been tasked with raising production from the pelagic fish stocks that abound in Oman’s coastal waters and the Indian Ocean.

The agreements come on the back of a key investment decision by Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, to acquire 31.4 per cent of Oman Fisheries’ capital for a consideration of $10 million.

Through this transaction, GJFF, and backed by prominent Japanese institutions including Mizuho Bank and The Norinchukin Bank of Japan as well as sovereign investors in the GCC, and Mizuho Gulf Capital Partners (MGCP), GJFF’s Investment Manager, will provide support and assistance on various initiatives to achieve the long-term success and growth of Oman Fisheries and enhance capability and expansion of Oman’s fisheries sector.