With the acquisition, the oil company expects to strengthen its position in the global chemicals sector and become integrated global chemical leader in the downstream industry.
The transaction is part of the Sultanate’s economic development program called Vision 2020, which aims at diversifying the economy across a various industries and commercial activities in Oman and abroad.
OOC chairman Nasser bin Khamis Al Jashmi said, "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."
Oxea managing director Martina Floel said, "We look forward to working together with OOC which will provide additional access to growth markets in Asia and the Middle East."
