The construction work on the initial set-up of the heavy equipment for Oman's Octal Petrochemicals' new PET (polyethylene terephthalate) plant is on schedule. Structural work for the main plant, which will cover 135,000 square metres, has also started. The warehouses and raw material storage facilities have also been completed on or before schedule. The founders of Octal include Suhail Bahwan Group, BankMuscat, Muscat Overseas, Malatan Trading, Didic, Oman and Emirate Investment Company, Oman Investment Company, and National Investment Fund Company.
The new 'Sapphire' plant is part of an advanced US$300 mln integrated PET resin and APET sheet complex currently located in the Salalah Free Zone. Octal plans to become the world's largest producer of amorphous PET sheet packaging, with 20% market share, and the largest producer of PET in the Middle East.