Oxo chemicals firm OQ Chemicals has announced a two-year cost-saving programme that includes realignment and workforce reductions in Germany. This was attributed to high raw material and energy prices, plus inflation rates, particularly in Europe. Last year alone, rising energy costs amounted to “a high three-digit million Euro figure”.

According to unconfirmed reports, the Omani state-owned energy company is considering an exit from OQ Chemicals eight years after acquiring it from private equity owner Advent International for slightly over $2.1 billion. Figures in the region of $3 billion have been cited.

Formerly known as Oxea Chemicals, OQ Chemicals is based at Monheim, Germany, and has sites in China, the Netherlands and the US, employing about 1,400 people. It mainly produces oxo intermediates and oxo derivatives.

Oxea, the world’s largest producer of n-propanol, has announced that it tripled its delivery volumes of n-propanol in Europe. This reflects very high demand from manufacturers of hand sanitisers in the Covid-19 crisis. The company claimed that certain studies show it to be more effective against viruses and bacteria at lower concentrations than other alcohols like ethanol and isopropanol.