PET supply in GCC eases after Octal’s expansion in Oman

14 September 2012 09:12  [Source: ICIS news]

PET is used in the manufacture of plastic bottlesSINGAPORE (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 Salalah, Oman, traders and end users said late on Thursday.

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.

“As Oman is a very small market, Octal exports a significant portion of its PET output,” a company source said.

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.

By: Prema Viswanathan
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index