Oxea Integrates into Newly Formed Energy Company
Oxea, part of the Oman Oil Company & Orpic Group, has joined eight other companies in a process to create a new, integrated energy company that will trade under the brand name “OQ.” OQ reportedly aims to become a global leading energy company, capturing and capitalizing on greater participation in the global hydrocarbon value chain.
“During the ongoing integration phase, our current business processes will remain unchanged. Oxea will continue to provide the very reliable and flexible services that customers from across the globe have come to expect from us in recent years,” said Dr. Oliver Borgmeier, COO at Oxea. “In fact, with a focus on oxo derivatives and specialty chemicals, we invest significantly to serve the global markets better. Digitalization and automation present considerable opportunities to enhance efficiency in our plants and to improve our flexibility further to meet changing demand. By 2021, we expect additional production capacity for TCD Alcohol to go on-stream that will cover the anticipated global demand for years to come. This highly functional molecule finds uses in optoelectronics, packaging, automotive applications, as well as in specialty adhesives and surface coating systems.”
Oxea also stated that it plans to start up its sixth world-scale production plant for carboxylic acids in Oberhausen, Germany in 2021. Once brought onstream, the it will increase the company’s total production capacity for carboxylic acids by more than 30 percent, according to the company.
To help with the transformation, OQ has launched an integration program to form one company from nine core assets: Orpic, Oman Oil Company, Oman Oil Company Exploration and Production, Oman Gas Company, Duqm Refinery, Salalah Methanol Company, Oman Trading International, Oxea, and Salalah Liquified Petroleum Gas.