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Oman Oil Company has successfully concluded the acquisition of German chemicals firm Oxea. The value of the deal, which was originally announced in October, was not disclosed but previous reports have put it at as much as $2.4bn.
Oxea is one of the largest global manufacturers of Oxo chemicals. With the acquisition, Oman Oil Company said it aims to become a "vertically integrated global chemical leader in the downstream industry".
With its international presence in Europe and North America, leading technology, efficient platform and longstanding experience in the Oxo segment, Oxea will support further expansion into the chemical sector.
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.
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