Swedish-Swiss petrochemical group ABB Lummus Global has backed out of a joint venture to build a $230 million polypropylene plant in Oman, officials reported.
"Due to their own internal reasons, ABB has pulled out from the project and we are negotiating with other parties to replace them," said chief executive officer of the Oman Polypropylene Company (OPP), Mohammed Bin Benayoune, Reuters.
ABB Lummus Global had a 20 percent stake in OPP, a 340,000 ton-per-year project due to come on stream by 2006. The venture is 60 percent owned by the Oman Oil Company and 20 percent by the LG International Corporation (LGI). Construction of the plant was to be undertaken by a consortium of ABB and LGI in 2004.
ABB Lummus Global is an international organization that focuses on the oil and gas, petroleum refining and petrochemical process industries. The company's projects and services extend from offshore fixed and floating production facilities, to gas processing plants, refineries, petrochemical and chemical facilities, and polymer plants. — (menareport.com)
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