Oman Oil and LG agree to develop PTA and PET complex at Sohar

Oman Oil Co. (OOC; Muscat) and LG International (Seoul) have signed an agreement to develop jointly a previously announced world-scale complex to produce purified terephthalic acid (PTA) and polyethylene terephthalate (PET) resin at the port of Sohar, Oman. OOC will hold 70% in the venture and LG will have the rest. The partners will together invest $850 million for 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 para -xylene feedstock...

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