Oman's Octal Petrochemical has completed the second phase of its polyethylene terephthalate (PET) expansion project in Salalah, as per Times Of Oman.
Phase 2 was completed within budget and on time, and the ramp-up process will allow the PET complex to achieve full capacity of 927,000 tpa in August. The project was designed to add a further 527,000 tpa of PET bottle-grade resins in addition to the site's existing capacity of 400,000 tpa.
The company's annual exports reached RO215 million (US$559 mln) in 2012 and the completion of the second phase of expansion will put Octal well on the way to achieving RO511 million (US$1.3 bln) in annual sales by year ending March 31, 2013. This will be achieved by increasing capacity and converting new packaging applications to DPET sheet including the packaging of dates, yogurt, meat and cheese. Octal now accounts for 10% of Oman's non-oil exports, which equates to and about 2% of Oman's gross domestic product (GDP). "Octal is now building its brand on a truly global scale”, said Chairman Sheikh Saad Suhail Bahwan. With 85% of all increases in sales in 2012 coming from new products, Octal's innovation makes it well placed to drive broader adoption of PET. Focusing on new resins with enhanced performance will allow the company to expand its market reach.