OOC, LG agree set up petchem complex in Sohar
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OOC, LG agree set up petchem complex in Sohar

OOC, LG agree set up petchem complex in Sohar

Oman Oil Co (OOC) has signed a $850m agreement with South Korea's LG to form a joint venture to set up a petrochemical complex in the sultanate, the Peninsula has reported. The agreement involves the construction of a petrochemical plant in Sohar Industrial Port area for the production of one million and 100,000 tonnes of pure acid annually and 500,000 tonnes of polyethylene terephthalate in two stages. OOC will own 70% of the JV, while LG will hold the remaining shares. The complex is expected to go on stream by the end of year 2016.

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