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Oman: Oman Oil Company inks $2.4 oil deal

 |  October 13, 2013

According to a source, and later confirmed by a press release, the Oman Oil Company has inked a $2.4 billion deal to acquire Oxea, a Germany-based chemical maker, to expand its downstream business.

Oman will acquire the company from Advent International and, according to reports, diversify its operations through the acquisition into the cosmetics, lubrications and fuel additives markets. The move is part of an effort to reduce the Sultanate of Oman’s reliance on crude oil, say reports.

The two companies offered a joint statement on Thursday but declined to confirm financial details of the deal.

Full Content: Reuters

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