State-owned Oman Oil (OOC, Muscat / Oman; www.oman-oil.com) is to acquire US oxo chemicals producer Oxea (Dallas, Texas; www.oxea-chemicals.com) from another US company – private equity investor Advent International (Boston, Massachusetts; www.adventinternational.com). The purchase price was not disclosed.

OOC said the acquisition, which is subject to antitrust approvals, will strengthen its position in the global chemicals sector and enable it to build an integrated chemical platform in Oman. The deal also supports the country's strategy to diversify its economy and decrease its dependence on oil.

Oxea has a diversified product portfolio, multi-step value chain and strong customer base, said Nasser bin Khamis Al Jashmi, OOC’s chairman. “With its international presence in Europe and North America, leading technology, efficient platform and long standing experience in the oxo segment, Oxea will support our further expansion into the chemical sector,” he added.

In Oman, Oxea’s technology and expertise will be combined with OOC’s feedstock availability and investments in Duqm, allowing OOC to build an integrated chemical platform in the country, said Philippe de Fitte, vice president of OOC’s downstream strategic business. A little over a year ago, OOC and International Petroleum Investment (IPIC, Abu Dhabi / United Arab Emirates; www.ipic.ae) formed a joint venture to build a refinery and petrochemicals complex in Duqm – see Plasteurope.com of 20.08.2012.

Martina Flöel, managing director at Oxea, said: “We look forward to working together with OOC, which will provide additional access to growth markets in Asia and the Middle East.” Oxea produces about 1.3m t of oxo chemicals and derivatives per year, and generated sales of about EUR 1.5 bn in 2012. The company was formed by merging the oxo businesses of Celanese and Degussa (now Evonik) businesses that Advent acquired in 2007.