MOSCOW (MRC) -- The Oman International Petrochemical Industry Co. (Ompet) joint venture has advanced a purified terephthalic acid (PTA) and polyethylene terephthalate (PET) project planned for Sohar, Oman, according to GV with reference to the Oman Observer.
Ompet, a venture of Oman Oil Co. (50%), LG International (30%) and Takamul (20%), is planning an estimated USD 600-million project to produce 1.1-million t/y of PTA and 250,000 t/y of PET.
Technology for the PTA and PET production will be supplied by BP and Uhde Inventa-Fischer, respectively. Worley Parsons is the project management consultant.
In December, the venture reached a deal with Sohar Port and Freezone on leasing a plot of land for the project, to be built adjacent to Oman Oil Refineries & Petroleum Industries Co.’s aromatics complex, which will supply paraxylene feedstock to Ompet.
Ompet expects to achieve financial closure and award an engineering, procurement and construction contract by the middle of the year, with construction beginning by the end of this year. Completion and the start of operations are targeted by 2018.
As MRC reported earlier, in May 2014, ORPIC said it had awarded two contracts for construction of a USD3.6 billion plastics production complex, the Liwa Plastics Project. The plant will be built in Oman's northern industrial city of Sohar, next to ORPIC's oil refinery and petrochemical plants. The Liwa Plastics Project is due to be completed in 2018, doubling ORPIC's profitability by allowing it to extract more value from Omani crude oil and natural gas, the company said.
The project will boost ORPIC's annual production of polypropylene and polyethylene to 1.4 million tonnes, increasing Oman's exports, while additional production of 1 million tonnes of plastics will help to develop downstream industries within the country, ORPIC added.
MRC