(MENAFN - Muscat Daily) In support of its expansion plans to become one of the world's leading chemicals companies, Oman Oil Co (OOC) has officially integrated Oxea, the No 1 supplier of oxo chemicals, as the newest member of the group.
This important milestone marks the first step to build a world-class oxo chemicals plant in Duqm's special economic zone and establishes a joint internship programme to build capacities of young Omani scientists and engineers, OOC said in a press release.
The acquisition is in line with the sultanate's Vision 2020 plan to diversify the economy and reduce dependence on the hydrocarbons. It also boosts OOC's plans of tapping into emerging markets in Asia, Africa and the Middle East.
H E Nasser al Jashmi, Undersecretary of the Ministry of Oil and Gas and chairman of OOC, said, ''The acquisition of Oxea serves the company's ambitious expansion strategy in the petrochemicals sector, through developing a high value petrochemical-based chemical sector from advantaged feedstocks, economies of scale and the world's leading process technologies. This will make a substantial contribution to the sultanate by creating a more diversified economy with a strong focus on in country value chain (ICV).''
''This investment is part of our strategy to build an optimal downstream portfolio through processing high-value and high-end downstream petrochemical derivatives mainly in Duqm as well as the planned projects in Sohar and Salalah. It will position OOC as a key player in derivatives with access to attractive speciality chains, which will result in creating local technical experts in the petrochemical sector,'' H E Jashmi added.
''The investment in Oxea, as the newest member of the OOC family, manifests our confidence in its unparalleled track record and proven strategic success. The proposed oxo plant in Duqm will add value to our downstream operations and will contribute
to Sezad's mission to become
an emerging regional transit-trade hub by building local economic infrastructure,'' said Mulham al Jarf, Oxea chairman and deputy chief executive officer of OOC.
''The Oxea internship programme is a world-class programme that will hold great potential for young Omanis who are interested in pursuing a career in this industry. The live and first-hand' experience provided by Oxea staff, will stress the enormous variety of tasks and skills that is required in this field,'' Jarf