(MENAFN - Muscat Daily) Oman Oil Co (OOC), a commercial company wholly owned by the Oman government, has successfully concluded the acquisition of Oxea which was announced in October. The purchase price was not disclosed.
Oxea is one of the largest global manufacturers of Oxo chemicals.
With the acquisition, OOC aims to become a vertically integrated global chemical leader in the downstream industry, a press release said.
''Oxea is an impressive company with a strong track record, highly diversified product portfolio and strong customer base. With its international presence in Europe and North America, leading technology, efficient platform and longstanding experience in the Oxo segment, Oxea will support our further expansion into the chemical sector,'' said H E Nasser al Jashmi, chairman of OOC.
Philippe de Fitte, vice president, downstream strategic business unit of OOC, added, ''There is a unique opportunity to build an integrated chemical platform in Oman from our current investment base. We see our acquisition of Oxea as the corner stone for this platform by bringing its technology and expertise to Oman and connecting it to feedstock from our investments in Duqm. This will also contribute to Oxea's expansion strategy, especially in the Asian growth markets while OOC benefits from Oxea's reach into European and North American markets.''
Martina Fl?el, spokeswoman for the executive board at Oxea on behalf of the management board, said, ''Oxea is the No 1 Oxo merchant and holds a leading position as a manufacturer for Oxo products and derivatives. We look forward to working together with OOC which will provide additional access to growth markets in Asia and the Middle East.'