Oman Shelves Big Petchem JV with Dow

Oman Petrochemical Industries Corp. (OPIC; Muscat) has indefinitely postponed plans to build a petrochemical complex at Sohar, Oman, due to escalating costs, sources say (CW, Feb. 8, 2006, p. 17). OPIC, a joint venture in which Dow Chemical holds 50% and the government of Oman and Oman Oil Co. each hold 25%, originally planned to have the complex onstream in 2008-09. But costs have almost doubled, to $4.5 billion, from original estimates of $2.6 billion, making the project too expensive for the partners to proceed, sources say. Another doubt was whether gas was...

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