Oman Oil To Buy Chemical Maker Oxea

Oman Oil Co., owned by the government of Oman, has agreed to acquire Oxea, one of the world’s largest producers of oxo chemicals, from U.S. private equity firm Advent International. The purchase price isn’t being disclosed. Oxea generated sales in 2012 of $2 billion from the production of about 70 oxo chemicals, including aldehydes, alcohols, and esters, for a host of applications. Oman Oil says the purchase will accelerate its move into the chemical industry. “We see our acquisition of Oxea as the cornerstone of this platform,” says Philippe de Fitte, vice president of the firm’s downstream business. Advent had acquired the Oxea businesses from Celanese and Degussa—now Evonik Industries—in 2007, when their sales were about $1.2 billion.