Oman Oil Company (OOC), state-owned oil and petrochemicals group, has completed its acquisition of Germany's Oxea from private equity investor Advent International. With the takeover of the world's second largest merchant producer of oxo products, the Middle East company is seeking to expand vertically as an integrated chemicals player.

Financial details of the deal first announced in October of this year were not disclosed. Antitrust approval is still outstanding. The business was created by Advent in 2007 as an amalgam of assets shed by companies such as Celanese, Degussa and the former Hoechst.

Based at Frankfurt, Oxea produces more than 1.3 million tonnes of oxo products and derivatives annually. Its sales in 2012 totalled €1.5 billion. The portfolio of more than 70 products is sold to producers of coatings, dyes, lubricants, flavours and fragrances.

Philipp de Fitte, vice president of the downstream strategic business unit at OOC, said the acquisition of Oxea will be the foundation stone on which the sultanate of Oman will build its chemicals platform, matching outside expertise with its own raw materials resources. Through the deal, he said, Oxea will be able to expand its position in particular in Asian markets and Oman will profit from the German company's presence in Europe and North America.