Oman Oil Company acquires Oxea

Advent International, a global firms dedicated solely to private equity, announced its divestment from Oxea, one of the largest global manufacturers of Oxo chemicals. Oman Oil Company (OOC), a commercial company wholly owned by the Government of the Sultanate of Oman, will acquire Oxea to strengthen its position in the global chemicals sector.

OOC supports the Sultanate’s economic development programme “Vision 2020” which is aimed at diversifying the economy across a variety of industrial and commercial activities in Oman and abroad while decreasing dependence on oil. With the acquisition of OXEA, OOC aims to become a vertically integrated global chemical leader in the downstream industry. 

“Oxea  is  an  impressive  company  with  a  strong  track  record,  highly  diversified product portfolio, multistep value chain and strong customer base. With its international presence in Europe and North America, leading technology, efficient platform and longstanding experience in the Oxo segment, Oxea will support our further expansion into the chemical sector,” said H.E. Nasser bin Khamis Al Jashmi, Chairman of Oman Oil Company. 

Philippe  de  Fitte,  Vice  President  Downstream  Strategic  Business  Unit  of  OOC, added:  “Oman Oil  Company’s  approach  is  to  develop  the  downstream  industry value chain by identifying new opportunities that address the business needs of globalization. There is a unique opportunity to build an integrated chemical platform in Oman from our current investment base. We see our acquisition of Oxea as the corner stone for this platform by bringing its technology and expertise to Oman and connecting it to feedstock from our investments in Duqm. This will also contribute to Oxea’s expansion strategy, especially in the Asian growth markets  while  Oman  Oil  Company  benefits  from  Oxea’s  reach  into  European  and  North American markets.” 

With 1.3 million tonnes of Oxo chemicals and derivatives each year, Oxea generated sales of around 1.5 billion EUR (2012). The company was formed by merging  two  separate  business  units  which  Advent  acquired  in  2007  from  Celanese and Degussa (now Evonik). Advent brought in comprehensive sector and market expertise which it gained through more than 25 investments in the chemicals industry  over  the  past  25  years.  Under  Advent’s  ownership  Oxea’s  management developed a resilient business with strong earnings growth. 

Today Oxea’s portfolio comprises more than 70 Oxo-based products for a highly diversified  customer  base  and  various  end  market  applications.  For  example, products from Oxea are used in coatings, lacquers, paints, lubricants, flavors and fragrances  and  produced  for&Nike Zoom Live 2017