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Octal PET plant actuates progressive construction
25 Feb '08
2 min read
Octal Petrochemical, an Oman based company has announced the establishment of heavy equipments for its new polyethylene terephthalate (PET) resin plant which is a pre-requisite for making Oman a pioneer in plastic packaging industry.
This new plant named Sapphire is a part of an advanced US $300 million integrated PET resin and APET (amorphous polyester terephthalate) sheet complex currently under development in the Salalah Free Zone.
The company which started operations in December 2006, is aiming to become the world's largest manufacturer of amorphous PET sheet packaging with 20 percent market share and the Middle East's largest producer of PET resins. Moreover, by the end of this year, Octal expects the total sales to touch $500 million per annum.
Octal Petrochemicals, has recently received an award from Maersk Logistics in recognition of its rapid export growth through the port of Salalah.
Official from the industry revealed that the key utility section of the Sapphire PET plant is furnished with a 40-metre chimney and three 12-MW heaters. Besides, structural work for the main plant spreading over 135,000 square metres, has also been initiated.
Warehouse and raw material storage facilities for the plant have also been completed before the scheduled time.
Presently, the overall production capacity of the plant stands at 30,000 metric tons per annum. However, it is expected to increase ten-fold by the end of 2008 to become a fifth of the US $2.25 billion world market for APET and the largest PET producer in the Middle East.
Initial funding for the plant will be catered by Octal's parent company Chemlink Capital Ltd, which specializes in downstream petrochemical projects. This apart, institutional and individual investors in Oman, Saudi Arabia and Kuwait will also render financial support to the company.
This new plant named Sapphire is a part of an advanced US $300 million integrated PET resin and APET (amorphous polyester terephthalate) sheet complex currently under development in the Salalah Free Zone.
The company which started operations in December 2006, is aiming to become the world's largest manufacturer of amorphous PET sheet packaging with 20 percent market share and the Middle East's largest producer of PET resins. Moreover, by the end of this year, Octal expects the total sales to touch $500 million per annum.
Octal Petrochemicals, has recently received an award from Maersk Logistics in recognition of its rapid export growth through the port of Salalah.
Official from the industry revealed that the key utility section of the Sapphire PET plant is furnished with a 40-metre chimney and three 12-MW heaters. Besides, structural work for the main plant spreading over 135,000 square metres, has also been initiated.
Warehouse and raw material storage facilities for the plant have also been completed before the scheduled time.
Presently, the overall production capacity of the plant stands at 30,000 metric tons per annum. However, it is expected to increase ten-fold by the end of 2008 to become a fifth of the US $2.25 billion world market for APET and the largest PET producer in the Middle East.
Initial funding for the plant will be catered by Octal's parent company Chemlink Capital Ltd, which specializes in downstream petrochemical projects. This apart, institutional and individual investors in Oman, Saudi Arabia and Kuwait will also render financial support to the company.
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