An agreement was formalized between Oman Oil Co and Advent International for the purchase of Oxea. The move is a step for Oman Oil to expand its business interests from refining towards chemicals and ingredients supply for manufacturing and consumer goods.
The purchase of Oxea by the Omani state owned oil company as its step towards addressing the demand for oxo-based chemicals. This was confirmed by the two companies through a joint statement. Oxea was formed from units of Celanese Corp. and its predecessor of Evonik Industries AG, which generated about EUR1.5 billion or USD2.03 billion in sales for 2012.
For the purchase of Oxea, Oman Oil shelled out EUR1.8 billion. The purchase price was confirmed by three individuals familiar with the transaction who sought anonymity as the discussions were still private in nature.
According to Oxea Managing Director Martina Floel, "(The deal with Oman Oil) will provide additional access to growth markets in Asia and the Middle East."
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