Oman Oil, LG International sign agreement to develop PTA, PET plant at the port of Sohar, Oman; facility designed to produce 1.1 million tonnes/year of PTA, 500,000 tonnes/year of PET; plant to come online at end of 2016
HOBOKEN, New Jersey , January 17, 2013 (Chemical Week Business Daily) – Oman Oil Co. (OOC; Muscat) and LG International (Seoul) have signed an agreement to develop jointly a previously announced world-scale complex to produce purified terephthalic acid (PTA) and polyethylene terephthalate (PET) resin at the port of Sohar, Oman. OOC will hold 70% in the venture and LG International will have the rest. The partners will invest $850 million for the project. The plants will be designed to produce 1.1 million m.t./year of PTA and 500,000 m.t./year of PET and are expected onstream at the end of 2016. The complex will use para-xylene feedstock from a nearby refinery owned by Oman Oil Refineries and Petroleum Industries Co. (Muscat).