Oman Oil and LG International sign agreement to develop PTA and PET complex at Sohar

Oman Oil Co. (OOC; Masqat) and LG International (Seoul) have signed an agreement to jointly develop a previously announced world-scale complex to produce purified terephthalic acid (PTA) and polyethylene terephthalate (PET) resin at the Port of Ṣuḥār, Oman. OOC will hold 70% in the venture and LG International will have the rest. The partners will invest $850 million in the project.   The plants will be designed to produce 1.1 million m.t./year of PTA and 500,000 m.t./year of PET and are expected onstream at the end of 2016. The complex will use...

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