Oman Oil to buy Germany-based Oxea for undisclosed price in move to expand beyond refining into chemicals and ingredients for manufacturing and consumer goods

Mathew Kearney

NEW YORK , October 10, 2013 (Bloomberg LP) – Oman Oil Co. agreed to buy Oxea from Advent International Plc to expand beyond refining into chemicals and ingredients for manufacturing and consumer goods.

The state-owned oil producer will use the purchase of Oxea as a springboard for tapping demand for oxo-based chemicals, the companies said in a joint statement today, without disclosing the price. The six-year-old company, formed from units of Celanese Corp. and Evonik Industries AG, generated about 1.5 billion euros ($2.02 billion) in sales in 2012.

The deal with Oman Oil “will provide additional access to growth markets in Asia and the Middle East,” Martina Floel, managing director of Oxea, said in the statement.

Under Advent’s leadership, Oberhausen, Germany-based Oxea diversified its product range, and capacity is now 1.3 million tons a year. Its polyols are used in cosmetics and lubricants, and its amines are used in rubber chemicals and dyes.

Oman Oil was advised by HSBC.

--Editors: Tom Lavell, Kim McLaughlin

To contact the reporter on this story: Andrew Noel in London at anoel@bloomberg.net

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