Arab Gulf consortium to buy Oman Oil's 20% share in PP JV

Gulf Investment Corp. has signed an agreement with Oman Oil Co. to buy 20% interest in the US$313 million Oman Polypropylene LLC (OPP). OPP is a 80:20 joint venture between OOC and South Korea's LG International, with a capacity to produce 340,000 mta of polypropylene in the Sohar Industrial Area. Operations at the OPP plan were expected to start in the third quarter of 2006. With the acquisition of this 20% share, GIC will also secure a seat on OPP's board of directors. GIC's 20% stake in OPP is expected to improve the company's shareholding structure and encourage foreign investment in Oman. GIC was established in 1983 and is equally owned by six member states of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. 90% of the output is expected to be exported and the remaining 10% will meet existing local demand. Oman Polypropylene plans to market the production in the Indian subcontinent, Iran, Middle East, East and Southern Africa.
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