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Octal Petrochemicals to invest USD1 bln by end-2014 in capacity expansion

April 18/2012

(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 companys production accounts of 10 per cent of the Sultanates non-oil exports, added Freiji.

The companys 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.



mrcplast.com
Author:Marina Ivanova
Tags:PE, PET.
Category:General News
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