Oman Oil Company and LG to jointly develop a petrochemical plant

摘要

Oman Oil Company (OOC) and LG International (LGI) have signed an agreement to jointly develop a petrochemical plant at the Sonar Port. The joint venture company, which will be owned 70% by OOC and 30% by LGI, will execute the project in accordance with international standards to produce a total of 1.1 mln tons of purified terephthalic acid (PTA) and 500,000 tpa of polyethylene terephthalate (PET). The project, which is estimated to cost around US$850 mln and will be operational by the end of 2016, will be completed in two phases, as per Oman News Agency.