(MENAFN) Sohar Port and Freezone have signed a deal with Oman International Petrochemical Industry Co (Ompet) to host a manufacturing facility to produce about 1.5 million tons of environmental-friendly packaging materials, Muscat Daily reported.
The plant will complement Sohar port's existing petrochemicals supply chain and will feed into a global beverage industry that is currently valued at approximately USD1.3 trillion, local media reported.
The deal will see Ompet lease a 330,000 sqm plot in Sohar to produce 250 kilotons of polyethylene terephthalate (PET), which is used in the manufacture of bottles used to package soft drinks and single-serve beverages.
Ompet is a joint venture between Oman Oil Co, Takamul Investment and South Korea's LG International Corporation.
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