Oman’s Octal Petchem to double capital to $832m

13 May 2008 07:35  [Source: ICIS news]

DUBAI (ICIS-news)--Oman-based Octal Petrochemicals is planning to double its capital to Omani rial (OR)320m ($832m) to finance its expansion projects, said Nicholas Barakat, Octal’s managing director late on Monday.

The company hadn’t finalised its financial plans it said in a statement, adding that it may sell shares to current investors or find new ways to increase its capital.

The increased capital would be used to fund Octal’s phase-two expansion, scheduled to be completed by May 2010, which would make Octal one of the world’s largest polyester producers with 800,000 tonnes/year of annual capacity.

Production at Octal's integrated PET resin and amorphous PET (APET) sheet facility in the southeast city of Salalah was expected to start in July and reach 330,000 tonnes/year by March 2009. Around half of this capacity would be in PET resin and the rest in APET sheet, it added.

($1 = OR0.38)

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By: Abdelghani Henni
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