On January 27, the European chemical company MAK Germany Group officially signed an agreement with Oman's Sohar Port and Freezone, announcing a $5.5 billion investment to establish an integrated production base focused on the manufacturing of purified terephthalic acid (PTA) and polyethylene terephthalate (PET). This investment marks a pivotal step in MAK's strategic realignment. Previously, MAK had acquired the PTA/PET plant of Indorama Ventures at the Port of Rotterdam in the Netherlands. However, due to high-cost pressures in Europe, the facility was shut down in 2024. Under the new agreement, the existing production equipment from Rotterdam will be entirely relocated to the Sohar Freezone, with the integrated annual production capacity expected to reach 1.5 million tons. To ensure the stable operation of the project, OQ Refining and Petroleum Industries Company, a subsidiary of Oman National Oil Company, will supply para-xylene (PX), a key raw material for PTA production, to the base via dedicated pipelines. Simultaneously, Sohar Port will construct supporting facilities for the storage, handling, and pipeline transportation of bulk raw materials. Other auxiliary materials, such as monoethylene glycol and acetic acid, will be imported through the port and transported directly to the plant via dedicated pipelines. MAK stated that upon completion, the new base will serve as its core supply hub for markets in the Middle East, Africa, Asia, and Europe. This move further underscores the trend of capital outflow from the European chemical industry. Under the pressures of high energy costs and stringent environmental policies, the wave of factory closures in Europe continues, with new investments shifting significantly to regions with notable cost advantages, such as the Middle East and Asia. Just recently, on January 16, the European chemical startup Vioneo also announced its decision to abandon plans for a 300,000-ton-per-year green methanol-to-polyolefins plant in Europe, opting instead to invest in a similar project in China.