14 September 2012 09:12 [Source: ICIS news]
SINGAPORE (ICIS)--Polyethylene terephthalate (PET) supply has become plentiful in the Gulf Cooperation Council (GCC) region following the start-up of Octal’s two new lines at ?xml:namespace>
The company has achieved 100% output at both new lines, a company source said.
Following the expansion in August, Octal’s PET capacity has increased to 927,000 tonnes/year from 400,000 tonnes/year, making it the world’s largest PET producer.
The company’s strategy of targetting global exports has kept the PET market in the GCC region from becoming too heavily oversupplied, a regional end user said.
The GCC region has a total PET capacity of 1.6m tonnes/year, whereas demand is only around 315,000 tonnes/year, prompting all suppliers to adopt an export-oriented approach, a market player said.
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