Oman Oil Company (OOC), a commercial company wholly owned by the Government of the Sultanate of Oman, 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.
“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 bin Khamis Al Jashmi, Chairman of Oman Oil Company.
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 Oman Oil Company benefits from Oxea’s reach into European and North American markets.”
Martina Flöel, spokeswoman for the executive board at Oxea on behalf of the management board, said: “Oxea is the number one Oxo merchant and holds a leading position as a manufacturer for Oxo products and derivatives. Since its foundation in 2007 we have successfully diversified the company’s activities into derivatives and invested in expanding capacity and our presence in both mature and emerging markets. We look forward to working together with OOC which will provide additional access to growth markets in Asia and the Middle East.”