Wholly Omani-owned Oxea, the world’s foremost producer of oxo-chemicals — intermediate chemicals used in the manufacturer of a wide array of products of everyday use —has announced its formal integration into OQ, the newly created brand symbolising the Sultanate’s integrated energy powerhouse Oman Oil and Orpic Group.
German-based Oxea is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are widely used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavourings and fragrances, printing inks and plastics.
Acquired by the erstwhile Oman Oil Company (now part of OQ) in December 2013, Oxea operates a global network of plants offering a total production capacity of over 1.3 million tonnes per annum of oxo intermediates and oxo derivatives.
In a statement, Monheim am Rhein (Germany) headquartered Oxea announced that it is joining eight other companies in a process to create a new, integrated energy company which will trade under the brand name ‘OQ’.
“OQ aims to become a global leading energy company, capturing and capitalising on greater participation in the global hydrocarbon value chain,” it noted.
Dr Oliver Borgmeier, Chief Operating Officer at Oxea, stated: “During the ongoing integration phase, our current business processes will remain unchanged. Oxea will continue to provide the very reliable and flexible services that customers from across the globe have come to expect from us in recent years. In fact, with a focus on oxo derivatives and specialty chemicals, we invest significantly to serve the global markets better.”
Significantly, Oxea is set to cement its standing as the world’s dominant producer of oxo-chemicals with the planned launch next year of a new world-scale production plant for carboxylic acids in Oberhausen, Germany. The project — the sixth such plant in Oxea’s global network —boost the company’s total carboxylic acids output by more than 30 per cent.
Also in 2021, the company is set to ramp up output of TCD Alcohol — a strategically important chemical intermediate — when an expanded facility at its Oberhausen (Germany) complex is commissioned later this year. TCD Alcohol finds uses in optoelectronics, packaging, automotive applications, as well as in specialty adhesives and surface coating systems
Last month, OQ launched an integration programme to form one company from nine core assets: Orpic, Oman Oil Company, Oman Oil Company Exploration and Production, Oman Gas Company, Duqm Refinery, Salalah Methanol Company, Oman Trading International, Oxea, and Salalah Liquified Petroleum Gas.
Duqm Refinery, one of the core verticals of OQ, is currently overseeing the construction of a giant grassroots refinery in Duqm Special Economic Zone in the southeast of the Sultanate. Envisioned downstream of the refinery is a mammoth petrochemicals complex with an estimated investment of around $10 billion.