State-owned energy group OQ (Muscat, Oman; www.oq.com) is rumoured to consider the sale of its Germany-based speciality chemicals subsidiary OQ Chemicals (Monheim; www.chemicals.oq.com). As multiple international media outlets have reported, the oil group is currently consulting with M&A experts to examine the options for the oxo intermediates and derivatives producer, formerly known as Oxea. Despite multiple Plasteurope.com queries, OQ was not available for comment.

The value of OQ Chemicals is estimated at USD 3 bn (EUR 2.8 bn). When acquiring the company in 2013, the Oman group paid then-owner Advent International (Boston, Massachusetts; www.adventinternational.com) a little over USD 2.1 bn.

Related: Oman examines sale of OQ Chemicals – Bloomberg

Along with its headquarters in Monheim and a production site in Oberhausen, Germany, OQ Chemicals has operations in China, the Netherlands, and the US with altogether 1,400 employees. The company is currently expanding its Oberhausen facilities, where it had recently added capacity for tricyclodecanedimethanol (TCD alcohol DM). Among other things, TCD is used as a component in the production of polyester and polyurethane.

According to German daily Handelsblatt, the recently announced plans by Malaysian Petronas to acquire Perstorp put a stop to speculations that the Swedish speciality chemicals producer could be merged with OQ Chemicals (see Plasteurope.com of 18.05.2022).

Effective immediately, Albrecht Schwerin will be responsible for operations as the new COO. With his knowledge of the chemical industry, Schwerin will contribute to strengthening OQ’s global production sites. His core responsibilities include strategic transformation programmes and the company’s sustainability initiative “reduce”, with which OQ is striving for climate neutrality.