OMPET was formed in fourth quarter 2013 as a joint venture between Oman Oil Company (50%), LG International Inc. (30%) and Takamul Investment Company (20%). OMPET has entered into a Project Management Consultancy (PMC) Services agreement with Worley Parsons Oman Engineering Ltd (WPOE). The Project will be managed by an Integrated Project Management Team (IPMT) consisting of personnel from Worley Parsons (the PMC) and OMPET �s Management Team. The project is the development of a large scale (1100KTA) PTA (Purified Terephthalic Acid) / and (250 KT/A) PET (Polyethylene terephthalate) Facility, located 250 Km North of Muscat in the Sohar Port Industrial Zone (�Sohar�), in the Sultanate of Oman. OMPET wishes to have the facility operational and commence product sales in year 2017. The PTA/PET Facility will be a world-scale project, of high importance to the development of Oman industry. The project includes utilities and off sites facilities to support the PTA and PET processes.