09 June 2009 12:28 [Source: ICIS news]
LONDON (ICIS news)--Oman’s Octal Petrochemicals has substituted 90% of polyethylene terephthalate (PET) resin imports into Oman since the opening of its new plant in January, the company said on Tuesday.
PET produced by Octal has replaced imports worth nearly $42m (€30m) per year, the company said.
Octal chairman, Sheikh Saad Suhail Bahwan, said sales were set to increase further in June as customers used up their old inventories of PET and switched over to Octal.
The company’s new 300,000 tonne/year integrated PET resin and clear rigid sheet plant in Salalah Free Zone started up in January after an initial investment of $350m.
Octal said it planned to expand the capacity to 800,000 tonnes/year by 2011.
Octal also exports to the Middle East, Africa, Europe and ?xml:namespace>
The PET resins are used in soft drinks, bottled water and edible oil packaging as well as PET sheet.
($1 = €0.72)
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