Oman Oil Company (OOC) has concluded its acquisition of Oxea, a global manufacturer of Oxo chemicals, from Advent International. A commercial company wholly owned by the government of the Sultanate of Oman, OOC will use the purchase as a means of strengthening its position in the global chemicals sector. The Sultanate of Oman manages an economic development program known as "Vision 2020," of which OOC is a part. Vision 2020's purpose is to diversify the economy across a variety of industrial and commercial activities in Oman and internationally, while also decreasing dependence on oil.
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