10 October 2013 11:53 [Source: ICIS news]
LONDON (ICIS)--The Oman Oil Company (OOC) has acquired oxo-alcohols producer Oxea from Advent International, the Sultanate’s oil company said on Thursday.
A purchase price was not disclosed.
Oxea, one of the largest producers of oxo-alcohols and oxo products in the world, was created in 2007 from businesses owned by now US-based chemicals producer Celanese and acquired for €408m ($551) by Advent International. The businesses included a joint venture with Degussa, now Evonik.
Currently, it has a production capability of 1.3m tonnes and in 2012 generated sales of €1.5bn.
OOC said that it was making this acquisition to support the Sultanate’s “Vision 2020” economic development programme, which aims at diversifying the Oman economy.
“With the acquisition of Oxea, OOC aims to become a vertically integrated global chemical leader in the downstream industry,” it said.
“Oxea is an impressive company with a strong track record, highly diversified product portfolio, multistep value chain and strong customer base,” said H E Nasser bin Khamis Al Jashmi, OOC chairman. “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,” he added.
OOC and Advent International said the transaction was subject to antitrust approvals and “satisfaction of other conditions”.
($1 = €0.74)
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