Oman Food Investment Holding Company (OFIC), the investment arm of the Sultanate plans to establish a soya extraction project, a media report said.

The whole project is expected to be implemented in different phases, Times of Oman reported, citing a document released by OFIC.

A new company will be formed with active equity participation from private investors, according to the report.

OFIC has appointed Frost & Sullivan as the consultant to decide the size of the project, it said.