Polyethylene terephthalate (PET) producer in Oman, Octal is set to boost its Salalah plant’s annual capacity of PET bottle grade resin to 920,000t with the completion of the second phase of its expansion project.
The project, which is expected to bring Octal’s sales to $1.3bn by the fiscal year 2013, from $599m in fiscal 2012, has been designed to add an additional 527,000mt/year of resins to 400,000mt/year existing capacity of the plant.
Octal reported an 85% increase in 2012 sales, which is primarily from new products and further plans to improve capacity and convert new packaging applications to direct PET (DPET) sheet, including the packaging of dates, yoghurt, meat and cheese.
Octal chairman Shaikh Saad Suhail Bahwan said by growing its DPET sheet business and leveraging the advantages of the PET resin business, the company has established a base to drive targeted expansion into new markets including South America, China and Australia.
"OCTAL is now building its brand on a truly global scale," Bahwan added.
In order to widen its market reach, the company plans to focus on new resins with improved performance and intends to support the wholesale conversion of packaging requirements of large food and consumer product companies to PET.