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

Courtesy: Peds

Fashion | On 28th Jul 2016

Gildan acquires Peds for $55 million

Montreal-based family apparel marketer Gildan Activewear Inc....

Textiles | On 28th Jul 2016

Pak to establish “quick response” system for cotton

Concerned over dropping yields of cotton, Pakistan’s Minister for...

Courtesy: GFK

Textiles | On 28th Jul 2016

Brexit halts upward trend in German consumer climate

The consumer climate in Germany weakened slightly in July. Also as a...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
June 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search