Oman Oil Company Acquires a Stake in a Thai Petrochemical Player

Source: www.gulfoilandgas.com 12/4/2004, Location: Africa

Oman Oil Company signed an agreement to acquire 3% shares in Thai Olefins Public Company Limited (TOC). TOC is one of Thailandís major producers of ethylene, propylene and petrochemical by-products with a market cap over $1.4 Billion.

Mr. Ahmed Al Wahaibi CEO of Oman Oil Company SAOC stated that this investment is the first investment made by OOC in Thailand. In addition, this investment is the first investment for OOC in the petrochemical sector outside Oman where Oman Oil Company SAOC is looking for possible synergies in the future between OOC participation in the petrochemical industry in Thailand and the petrochemical complex under development by OOC and its partners in the Sohar Industrial Port.

Mr. Al Wahaibi, has also clarified that, our review of TOC has shown us that it is well positioned to grow in the future both inside and outside of Thailand especially in the neighboring Asian countries which support OOCís long term strategy towards expanding its investments into Asia Pacific region.

Thai Olefins Public Company Limited, or TOC, was established in 1990, as a joint venture between several leading petrochemical companies in Thailand. The products of Thai Olefins are upstream petrochemicals used to produce a number of plastic resins, which have a wide variety of uses in the consumer products, construction and manufacturing industries.

In addition, TOC has recently embarked on a strategy to expand its business downstream. As part of this strategy, the company is investing approximately $210 MM USD in an Ethylene Glycol (EG) plant that is expected to commence operations in 2nd Quarter 2006.

Thailandís petrochemical industry produces a large range of products used across a wide number of industries. In addition, Thailand exports significant quantities of its domestic ethylene production to other Asian neighboring countries.



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