Takamul plans investment in petrochemical projects

Takamul Investment Company, the downstream investment subsidiary of Oman Oil Company, announced plans for the development of new projects in petrochemicals, metals and minerals sectors. These projects will entail cost of between $500 million and $1 billion, according to Gilles Desorbay, General Manager of Takamul Investment Company in his address during the Oman Investment Forum 2012. In petrochemicals, the company currently has $500 million – $1 billion in investment with some of these projects being implemented in partnership with Takamul’s majority shareholder Oman Oil Company. 

Takamul specialists are also on the project team for the planned development of a major PTA/PET petrochemicals project promoted by Oman Oil Company with an estimated investment of $800 million. It is also leading the development of a Metaxylene/PTA petrochemical project at Sohar. Metaxylene is a feedstock for the manufacture of purified isophthalic acid (PIA), an intermediate for higher quality unsaturated polyesters and a modifier for PET (polyethylene terephthalate) resins. Both the PTA/PET and Metaxylene/PIA petrochemical schemes are designed to add value to products currently manufactured by the refinery and aromatics plants of Oman Oil Refineries and Petrochemical Industries Company (ORPIC) at Sohar. ORPIC, as a provider of feedstock, will be a partner in the Metaxylene/PIA project, according to Mr. Desorbay. 

Another project being explored is a downstream olefins plant that aims to add value to the polypropylene produced by ORPIC’s polypropylene project at Sohar, while another proposal aims to further process methanol from the Oman Oil Company owned Salalah Methanol project into value-added products. Derivatives from LPG are also being contemplated under a separate initiative. 

Established in 2008, Takamul already has around 8 projects in various stages of construction and operation, primarily in Sohar.