Group 1 - The European chemical company MAK has signed an agreement with the Sohar Port and Free Trade Zone in Oman to build a comprehensive production base valued at $550 million for the production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET) [1] - MAK previously acquired a plant owned by Indorama Ventures at the Port of Rotterdam, which is set to close in 2024 due to high costs [1] - The existing PTA and PET production facilities at the Rotterdam port will be relocated to the Sohar Free Trade Zone, with an annual total production capacity expected to reach 1.5 million tons [1] Group 2 - OQ Refining and Petrochemical Company will supply para-xylene as the main raw material for PTA production through pipelines [1] - Sohar Port will have capabilities for bulk storage, raw material handling, and pipeline transportation, with other raw materials like ethylene glycol and acetic acid imported through the port and transported to the factory via dedicated pipelines [1] - The production base will supply PTA and PET resin products to markets in the Middle East, Africa, Asia, and Europe [1] Group 3 - The European chemical industry is experiencing a capital expenditure outflow, with local plants continuously shutting down and new investments primarily directed outside Europe [1] - On January 16, a European chemical startup, Vioneo, announced the abandonment of plans to build a 300,000 tons/year green methanol-based polyolefin plant in Europe, opting instead to invest in a similar project in China [1]