DALLAS--(BUSINESS WIRE)--Oxea Corporation announced today that it has encountered a significant production issue at its Bay City, Texas facility. Due to a malfunction in the production process that, despite its best efforts could not be avoided, the Company has been unable to resume full production. As a result, Oxea has been forced to make a declaration of force majeure, effective immediately for the following products:
n/i Butyl Acetate
Oxea is currently evaluating the effects of this event on its production capability and ability to supply.
All inventories of Oxo and Ester products are extremely low throughout the supply chain. Customer orders are being carefully monitored in an attempt to keep delays to a minimum. Customers with any questions are advised to contact their Oxea account manager.
Oxea is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavorings and fragrances, printing inks and plastics. In 2012, Oxea generated revenue of about EUR 1.5 billion with its over 1,400 employees worldwide. Oxea is owned by Oman Oil Company S.A.O.C. For more information about Oxea, visit www.oxea-chemicals.com
About Oman Oil Company
Oman Oil Company S.A.O.C. (OOC) is a commercial company wholly owned by the Government established in 1996 to pursue investment opportunities in the wider energy sector both inside and outside Oman. The Company plays an important role in the Sultanate's efforts to diversify the economy and to promote domestic and foreign investments as well as fostering and building human capital.