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(omantribune) -- Octal
Petrochemicals Company is planning to invest USD1 billion by the end of 2014 to
expand the capacity, said George Freiji, development manager at Octal
Petrochemicals Company.
The company, whose plant is located at Salalah
Free Zone, looks to become the fourth largest producer of polyethylene sheets
and resin in the world with a capacity of 950,000 tonnes by next May. Currently,
the company is the largest PET sheets and resin producer in the Middle
East.
The company, which had invested USD600 million to set up the small
plant in the first and second phase of expansions, contributes 1.1 per cent of
the gross domestic product (GDP) of the Sultanate.
Further, the
company’s production accounts of 10 per cent of the Sultanate’s non-oil exports,
added Freiji.
The company’s project, a joint Gulf and Oman venture which
started with a production capacity of 30,000 tonnes of PET resin that used to
manufacture plastic packages, is one of the mega projects for the production PET
sheets and resin in the world, he said. |
