Private equity firm Advent International has announced its divestment from Oxea, a global manufacturer of Oxo chemicals. Oman Oil Company, a commercial company wholly owned by the Government of the Sultanate of Oman, will acquire Oxea to strengthen its position in the global chemicals sector. Terms were not disclosed.
OOC supports the Sultanate’s economic development program “Vision 2020,” which is aimed at diversifying the economy across a variety of industrial and commercial activities in Oman and abroad while decreasing dependence on oil. With the acquisition of OXEA, OOC aims to become a vertically integrated global chemical leader in the downstream industry.
Philippe de Fitte, vice president downstream strategic business unit of OOC, said: “Oman Oil Company’s approach is to develop the downstream industry value chain by identifying new opportunities that address the business needs of globalization. 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.”
With 1.3 million tons of Oxo chemicals and derivatives each year, Oxea generated sales of around €1.5 billion (US$2 billion).
