A new 300,000 tpa EDC JV planned in Oman

19-May-05

South Korea's LG International (LGI), Oman Oil Co (OOC) and National Petrochemical Co (NPC) of Iran have formed a joint-venture for a 300 000 tpa ethylene dichloride (EDC) project in Sohar, Oman, taking an equal share in the project. Equity capital would be used to fund 30% of the US$300m project, the balance would be financed through loans from local and international banks. A detailed feasibility study would be conducted for the project, which would also include plans for a 240,000 tpa chloralkali unit. LGI has been appointed the project's EPC contractor -the engineering, procurement and construction (EPC) contract would be signed once financing for the project is finalised. Mechanical completion of the project has been scheduled towards the second half of 2007 and commercial production is slated for start up in late 2008.