Octal Petrochemicals, one of the world's largest producers of PET sheet based in Oman announced that the firm's annual global sales are expected to reach US$450 mln by end of 2008 when its PET resin plant will commence operations. The construction of an integrated PET and PET sheet production plant at Salalah Free Zone is in process at an initial cost of US$350 mln but the total investments on the site are expected to mount to US$1.4 bln. However, by 2011, the exports from integrated site are expected to touch US$1.1 bln.
Octal recently commissioned the phase 1 of a liquid chemicals terminal at Salalah Port. The first two 5,000 mt tanks at the terminal are designed to receive mono-ethylene glycol (MEG). The completion of the integrated plant's phase 2 in October will make Octal the largest polyester company in the Middle East and one of the biggest outside China.