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"We signed two agreements: the first one is a contract that sets the quantity, 100,000 units, which is the first phase of the project," Axioma Metering CEO Ignas Vosylius told reporters after the signing ceremony. "Later on, both sides see that there should be a second phase where the figures are even higher," Vosylius said. 

"The other agreement is an expression of mutual interest in making, within the next few months, final evaluations and a final analysis for the launch of production (in Oman)," he added.  

The project is valued at over 10 mln euros, including a 5-mln-euro order for water meters to be delivered within ten months, and another 5 mln euros in investments in building a production facility in Oman.  

Axioma's smart metering devices will be used to replace old water meters in Oman as part of a technological overhaul of the country's watering system.  

The massive replacement of meters will be carried out in several stages over a period of five years. The first half of the project, worth some 5 million euros, is to be implemented within the first 12 months.  

Axioma Metering manufactures the Qalcosonic W1 ultrasonic water meters at its new factory opened on the Kaunas Free Economic Zone this year. The company invested 15 mln euros in the factory and has plans to build a second production facility on the FEZ.  

Axioma Metering plans to manufacture and sell almost 200,000 meters in 2019. It expects to boost its output and sales to around 800,000 units in 2020 by expanding its sales markets into North America, Asia, the Middle East and Africa.