Oman Cables Industry (OCI) plans to invest RO4.1 million ($10.66 million) to expand and upgrade its factory during this year, local press reports said.

The investment has been earmarked for the fifth and sixth phases of an expansion programme under way at the cable firm.

General manager A C Roy said the expansion would be part-financed by a government soft loan and commercial borrowings.

The fifth phase is scheduled for completion by June. Under this phase, the company will raise the capacity of its products and produce a new high-voltage range of cables and conductors.

The phase-six expansion plan, which calls for manufacturing medium voltage cables, should be ready by the year-end, Roy said. The company invested RO1 million in 2001 and RO1.35 million in 2002.

OCI completed an expansion project in 2001 under which its overall capacity increased including the capacity for manufacturing aluminium alloy conductors.

The company has reported a 2002 net profit of RO1.095 million, up from RO858,750 in the previous year. Total revenue rose to RO20.8 million from RO16.65 million, the company said.

OCI's product range comprises low voltage power and control cables, overhead line conducts, insulated conductors, building wires and flexibles, instrumentation cables and special cables such as the LSF, FR and HR. While the entire range is exported the main thrust is from low voltage power cables and building wires. The company counts as its main export destinations the UAE, Qatar, Bahrain and Kuwait.

The company's production facilities are at the Rusayl Industrial Estate, near Muscat city.