OOC to build PTA-PET plant in Oman
The energy investment arm of Oman's Government, the Oman Oil Company, will invest nearly $800m to construct a petrochemicals plant to produce purified terephthalic acid (PTA) and polyethylene terephtalate (PET) in Sohar, Oman.
The investment agreement was signed between Oman Oil and Vale, but further details regarding the plant's subsidiary status and joint venture consideration were not revealed.
Nasser bin Khamis al Jashmi, Oman Oil chairman and the Undersecretary of the Ministry of Oil and Gas H E, was quoted by Muscat Daily as saying that Oman is establishing a company to launch the petrochemical project in Sohar which will produce PTA-PET.
Commenting on the capacity, the chairman said that the new PTA-PET plant will have a capacity of one million tons per annum.
The oil company, keeping in mind the potential customers, is also considering a project to set up a crude storage facility with a capacity of 200mn barrels at Ras Markaz in Duqm, Oman.