Reuters: Oman Oil Company , the energy investment arm of the Oman government, will invest around US$800mn to build a petrochemicals plant in Sohar that will produce purified terephthalic acid (PTA) and polyethylene terephtalate (PET), according to the chairman of the company.

Speaking to journalists on the sidelines of an agreement signing ceremony between Oman Oil and Vale on Monday at the Crowne Plaza Muscat, H E Nasser bin Khamis al Jashmi, chairman of Oman Oil and the Undersecretary of the Ministry of Oil and Gas, said that the capacity of new PTA-PET plant in Sohar will be about 1mn tonnes per year.

He said, "We are establishing a company to set up this petrochemical project in Sohar which will produce PTA-PET. The investment in this project will be about US$800mn."