Global producer of PET resins, OCTAL Petrochemicals (Oman) has greatly changed the PET supply equation in the region merely five months after it opened its US$350 mln integrated PET resin and clear rigid sheet production facility in January this year. The company with a current production capacity of 300,000 mtpa, is reported to have substituted 90% of PET resin imports into Oman, valued at nearly US$42 million a year. This is attributed to a large number of local companies who have changed over from the expensive imports from other countries to OCTAL, thereby creating savings for investment in other areas of business. In addition, the company is further expecting a surge in demand in June.
OCTAL produces PET resin for soft drinks, bottled water, and edible oil packaging, as well as PET sheet, the world's fastest growing choice of material for clear rigid plastic packaging applications. The PET resin maker has plans to increase its capacity to 800,000 mtpa in phase-2 by 2011. This will make OCTAL the largest PET producer on one site in the world.