(MENAFN - Khaleej Times) Oman-based Octal Petrochemicals, one of the world's largest producers of PET sheet, said on Monday that it expected global annual sales to reach 450 million by the end of the year when its PET resin plant goes on stream. Monthly sales currently exceed 4 million.
Located at the Salalah Free Zone, Octal Petrochemicals' integrated PET and PET sheet production plant is being built at an initial cost of 350 million. Total investment on the site is set to rise to 1.4 billion upon completion and net exports expected to reach 1.1 billion by 2011.
The phase-two expansion, due to be completed in October, will make Octal the largest polyester company in the Middle East and one of the biggest outside China.
"Octal is fulfilling its expansion strategy to become a homegrown global petrochemicals leader," board member Rashid Saif Al Sadi told a news conference held to recognise the support of the company's principal lenders — BankMuscat and BankDhofar.
"Octal is the largest exporter from the port of Salalah, a growing employer and a significant investor in local and regional suppliers," Sadi added.
Octal Petrochemicals is a subsidiary of Octal Holding and Company. Its Oman-based investors include National Investment Fund Company, Muscat Overseas Group, Oman Investment Company, Malatan Trading and Contracting, Oman and Emirates Investment Holding, Suhail Bahwan Group, and DIDIC (Dhofar International Development and Investment Holding Company), and BankMuscat.
The company recently commissioned the first phase of a liquid chemicals terminal at Salalah Port, the first 'tank farm' of its type in the region. The first two 5,000 metric-tonne tanks at the terminal are designed to receive mono-ethylene glycol (MEG).
"Octal has so far generated sales worth more than 55 million through its offices in Europe, China and the US," Nicholas Barakat, Managing Director, said.