Octal begins Pet resin sales
Muscat, April 27, 2008
Less than two weeks after announcing plans for a 500,000 metric ton per year capacity expansion of its integrated Pet resin and Apet facilities in the Middle East, Octal Petrochemicals (www.octal.com) is starting sales of its near-term Pet resin capacity.
Of Octal’s 300,000 metric ton per year capacity, to start up in the fourth quarter of 2008, half will be reserved for placement with resin customers, said an official spokesman.
These resin sales mark the beginning of Octal’s expansion into the soft drink and bottled water market segment. The announcement was made at Interpack, the world’s largest packaging fair, in Düsseldorf, Germany.
“Octal’s decision to begin offering PET resin allocations is in response to continued demand globally for PET resin which is running from four to 10 per cent, depending upon the region. We see particular growth opportunities for our Pet resin in the soft drink and bottled water industries,“ said managing director, Octal Petrochemicals, Nicholas Barakat.
Octal invested more than $300 million in proprietary technology and custom-made production lines for a new complex, located in the Salalah Free Trade Zone in the Sultanate of Oman. The facility, which is focused on producing Pet resin and Apet sheet, is on schedule for launch in the fourth quarter of 2008.
The company’s phase-two expansion, scheduled for May 2010, will make it one of the world’s largest polyester producers with 800,000 metric tons of annual capacity.
“A world scale integrated complex with industry leading process technology allows us to support all segments of the beverage market. In addition, our strategic location in the Middle East was carefully selected to facilitate reliable logistics to customer locations around the world,” said Barakat.
PET resin represents a nearly $25 billion market annually. It is the preferred packaging polymer for soft drinks, juices and bottled water, not to mention household goods such as detergents, cleaners, personal care items and consumer goods packaging. – TradeArabia News Service
More Retail & Wholesale Stories
- DDF sets new anniversary sales record
- Al-Futtaim in deal to set up giant Morocco mall
- Wifi lighbulb launched in UAE
- Seiko unveils GPS watches
- Géant opens 2nd supermarket in Abu Dhabi
- MAF malls in Dubai unveil festive décor
- Global luxury brands for Riyadh expo
- Luxury brands step up battle for travelling shoppers
- Dutch food retailer SPAR announces Oman foray
- Panasonic unveils new range of kettles