Oxea Changes Name to OQ Chemicals
German petrochemical intermediates producer Oxea, based at Oberhausen, has changed its name to OQ Chemicals, marking its final integration into Oman’s new petrochemicals and energy giant OQ, headquartered in Muscat.
Along with Oxea, the new OQ will be comprised of nine companies. The other eight are based in Oman and include Oman Oil, Oman Refineries and Petroleum Industries, Oman Gas, Duqm Refinery and Petrochemicals, Salalah Methanol, Oman Trading International and Salalah Liquified Petroleum.
The German company, which employs more than 1,400 people worldwide and produces oxo intermediates and oxo derivatives such as alcohols, polyols, carboxylic acids, specialty esters, and amines for the global market, has been part of Oman Oil since 2013.
Announcing the creation of the energy group earlier this year, OQ Chemicals COO Oliver Borgmeier, who is responsible for Downstream International Assets, said Oxea’s current business processes would remain unchanged after the asset consolidation.
With a focus on oxo derivatives and specialty chemicals, Borgmeier said the German company is continuing to “invest significantly” on its own to supply global markets, while at the same time improving efficiency through digitalization and automation.
“Long-term, our customers will benefit from synergies at OQ,” Borgmeier said this week, adding that “we will continue to invest in innovation.”
In 2021, the former Oxea expects to start up new production capacity for TCD alcohol – which he said “will cover the anticipated global demand for years to come” – as well as starting up its sixth world-scale plant for carboxylic acids at Oberhausen, which will increase overall capacity there by more than 30%.