Home / Knowledge / News / Textiles / OCC, LGI ink deal for US$ 850mn PET, PTA JV at Sohar
OCC, LGI ink deal for US$ 850mn PET, PTA JV at Sohar
07
Dec '12
courtesy: Oman Daily Observer
courtesy: Oman Daily Observer
Oman Oil Company (OOC) has inked a US$ 850 million joint venture (JV) deal with Korea-based LG International (LGI) for setting up a Purified Terephthalic Acid (PTA) and Poly Ethylene Terephthalate (PET) project in Port of Sohar, Oman, by 2016.
 
As pet the agreement, it is proposed to form a new JV firm to establish a petrochemical plant at Port of Sohar in two phases, in lines with international norms. OOC would have 70 percent ownership in the new firm, while LG International would hold the rest 30 percent stake, Oman Daily Observer said.
 
Upon commissioning, the new facility is intended to support annual production of 1.1 million tonnes of PTA and 500,000 tonnes of PET.
 
Nasser bin Khamis al Jashmi, Under-Secretary of the Ministry of Oil and Gas and Chairman of OOC and Kent Lee, Senior Vice-President LG International inked the deal on behalf of their respective organizations.
 
In a media statement, Mr. Jashmi said that establishment of the new facility is a key investment project aimed at further fortifying PET based downstream projects. Besides, it would also further advanced training and enhanced job opportunities to Omani citizens.
 
The project, Mr. Jashmi said, upholds the economic significance of implementing diversified industrial projects in Port of Sohar and also backs the Government’s efforts towards diversifying the country’s economy and bringing foreign direct investment in the country.
 
He said the project would boost the national economy by engaging local suppliers and contractors and using facilities of Sohar Port for importing plant machinery and other raw inputs. The plant would use inputs produced in Oman Refineries and Petroleum Industries Company’s (Orpic) Sohar based aromatics facility, he added.
 
Established in 1996, OOC majorly contributes in the Sultanate’s efforts of diversifying the national economy and in attracting domestic and foreign investment.
 
Mr. Lee too highlighted the importance of the project for both the nations and said that they are firm on putting it to operation by 2016, while working in association with OOC.
 

Fibre2fashion News Desk - India


Must ReadView All

Uzbekistan, S Korea to launch textile techno park in Sept

Textiles | On 19th Feb 2018

Uzbekistan, S Korea to launch textile techno park in Sept

Uzbekistan and South Korea plan to launch a modern textile techno...

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

Textiles | On 19th Feb 2018

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

The largest global spandex producer Hyosung Corporation of South...

Courtesy: VF Corporation

Apparel/Garments | On 19th Feb 2018

VF Corp Q4 revenue climbs 20% to $3.6 billion

The revenue of VF Corporation, a global leader in branded lifestyle...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search