US$210 mln to be invested in Oman's first PET project

26-Feb-08
Plans are firming up for development of Oman's first-ever PET project at an investment of around US$210 mln. Promoters have secured land for the venture within the Port of Sohar and could potentially source feedstock requirements for the 140,000 tons PET project from Aromatics Oman's world-scale plant presently under construction within the industrial port. Euro Consult along with Centuria Capital, a UAE-registered firm owned by Centuria Bank of France, are lead promoters and partners in the PET project. Both companies, along with Sami Abdul Aziz Jaffer Group, are currently developing Oman's first-ever non-wovens plant at Sohar Industrial Estate at a cost of around €50 mln. When operational, by around mid-2010, the project will rival Saudi Arabia's SABIC as the only other producer of PET in the Gulf region. Global PET demand is currently estimated at around 20 mln tons, and growing at a robust 10% pa, underlining the huge market potential for PET. The promoters have already concluded an offtake agreement with the technology suppliers for 100% of the plant's PET output
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