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Business
LG And Oman Oil Plan Polyester
by Alexander H. Tullo
December 24, 2012
| A version of this story appeared in
Volume 90, Issue 52
LG International and Oman Oil have signed a joint development agreement to build plants making polyethylene terephthalate (PET) and its main raw material, purified terephthalic acid (PTA). The $850 million complex, planned for the Omani port of Sohar, will have an annual capacity of 500,000 metric tons of PET and 1.1 million metric tons of PTA. Government-controlled Oman Oil will own a 70% stake; LG will own the rest. The partners say the facilities, to open by the end of 2016, will spur development of downstream polyester product manufacturing.
The power is now in your (nitrile gloved) hands
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