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Octal on course to complete second phase expansion

January 18/2011

(Plastemart) -- Global PET packaging leader Octal is on course to complete the second phase of its operational expansion in 2011 after securing a new round of funding from six Middle Eastern banks. Phase two is planned to be commissioned from June 2012, and is expected to add 527,000 tpa of production, making Octal the world's largest producer of PET on one site and the largest PET manufacturer in the world.


Octal officials inked an agreement for US$296 mln in senior term loans from a financing group. As per a release, Octals current shareholders Muscat Overseas and Oman & Emirates Investment Holding Co. also have agreed to provide a junior debt facility of US$15 mln.


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