Global petrochemicals company Oxea is set to invest in a planned petrochemicals complex in the Duqm special economic zone (SEZ), the Oman Observer reported.
The US-based subsidiary of Oman Oil plans to establish a plant producing oxo chemicals as part of the Duqm downstream petrochemical complex, according to a newsletter published by the Duqm SEZ Authority.
The newsletter quoted a high-level Omani official stating that Oxea will provide the project with the needed technology and expertise, as well as assisting with the marketing of products.
The downstream complex will cost $8-10 billion to construct, and represents the biggest industrial investment in the Sultanate.
Oxea’s plant will produce different chemical products, including Ethylene Glycols, High Density PE (HDPE), Polypropylene, Butadiene, MTBE, Aromatics and oxo chemicals, which will be produced for the first time in the Sultanate.
Hilal Ali al Kharusi, Executive Managing Director of Oman Oil Duqm Development Company, said that Oxea represents a key building block in the downstream value chain that Oman Oil seeks to develop as part of its investments in the Sultanate.
Oxea’s move will enable Oman Oil to expand its chemical portfolio and become one of the leading chemical companies in the world. Oman is strategically located near to regions possessing raw materials, and acts as a gateway to Asian markets.