LG International buys Aromatics Oman stake

Eric Watkins
Senior Correspondent

LOS ANGELES, July 19 -- South Korea's LG International Corp. (LGI) will invest $60 million for a 20% stake in the $300 million Aromatics Oman LLC, a joint venture planning paraxylene and benzene plants in Oman's Sohar industrial complex. Oman Oil Co. will hold 60% of the venture, Oman Refinery Co. 20%.

Aromatics Oman plans to bring 800,000 tonnes/year of paraxylene and 200,000 tonnes/year of benzene capacity on stream in 2008.

Contact Eric Watkins at hippalus@spidernet.com.cy.

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