Oman Oil Company has decided to make an investment approximately $3 billion in the resumption of a few closed facilities of the Fertilizer Corporation of India and Hindustan Fertilizer Corporation and growth of the Rashtriya Chemicals and Fertilizers.

The Omani company and the public sector fertilizer companies would shortly begin the due diligence for the investment.

The verdict was taken during a conference of the sixth Indo-Oman Joint Commission in Muscat Sunday.

BPCL and Oman Oil Marketing Company have decided to team up and mutually examine the possibility of establishing a lube blending plant in Oman.

Commerce and Industry Minister Anand Sharma discussed with Oman's Deputy Prime Minister Sayyid Fahad bin Mahmoud bin Mohammed Al Said plans to boost bilateral trade and investment.

Presently, the two-way trade stands at $4.5 billion.

In the year 2008, the two nations inked a deal to raise the capital of the India-Oman Joint Investment Fund to $1.5 billion from $100 million.

Sharma stated that this would strengthen the flow of private investments in agri, oil and gas, education as well as infrastructure.

Oman has also expressed keenness for setting up super-speciality hospitals in India. Omani officials are likely to visit India shortly to finalise the projects, said the statement.

The economic engagements between the two countries include the $969-million Oman-India Fertilizer Company at Sur and acquisition of the Shadeed Iron and Steel plant in the port city of Sohar at an investment of $464 million. (With Inputs From Agencies)