Octal Petrochemicals in Oman, a global leader in production of packaging material has plans to invest $200m for the development of two PET production sites in 10 hectares at Salalah Free Zone . The facility will start production from May 2012, which will add an additional 527,000 tons of PET bottle grade resin to reach 927,000 tons. The manufacturing plant will comprise of two production lines with a capacity of 750 metric tons per day.
OCTAL’s Chairman Sheikh Saad Suhail Bahwan said that additional volumes of resin production will spur the growth of the packaging industry and will encourage markets to migrate from less efficient materials to PET as the preferred clear rigid polymer. This plastic packaging venture will establish OCTAL as a recognized leader in PET and the industry and will place Oman on the world map as a manufacturing and distribution haven. He commented that in less than two decades, global PET bottle sales have dramatically increased from one million tons to more than fifteen million tons. The company aims to meet the increasing demand of PET packaging solutions in European, American and Asian markets and has established a foothold in the lucrative plastic packaging market.
With the above major construction on track, 13th MEAPET (Middle East/Africa PET ) to be held on 07-08 Mar, 2012 in Istanbul is well-timed to provide regional market outlook including demand/supply balance, capacity expansions, price stability and latest trends in the beverage and food packaging sectors.
Conference details are currently being finalized. To reserve seats Pre-Register here or please send your queries to Ms. Hafizah, hafizah@cmtsp.com.sg
