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Octal Petrochemicals contributes close to 10% of Oman’s annual non-oil exports

Oman: Sunday, December 04 - 2011 @ 11:55

“Octal is well on its way to exceeding the 10% figure in non-oil export contributions to the nation’s thriving economy and this is a significant achievement by any standard,” said Eng. Ahmed Al Najjar, Director of Government Affairs at Octal. “The results provide solid evidence that our strategy to become the world’s largest producer of PET resin and sheet has lead Oman to achieve international recognition and harvest great economic rewards while propelling Oman’s non-oil exports, creating employment opportunities and advancing of the local supply chain.”

He attributed the success of the company to the company’s ground-breaking technology and to the vast advantages and capabilities of the Salalah Free Zone as a world-class manufacturing and logistics hub.

Al Najjar went on to say that with the third and fourth manufacturing facilities scheduled for completion in May 2012, Octal’s contributions to non-oil exports can expect to grow two fold by the end of 2012.

Eng. Awadh Salim Al Shanfari, CEO of the Salalah Free Zone commented, “In a short span of five years, Octal has continued to lead by prime example and has not only affirmed but promoted the nation’s distinguished market status, offering significant advantages for Oman’s positioning and competitiveness in the global economy. This lays the groundwork for optimizing and sustaining economic growth by reducing the nation’s dependency on crude oil exports.”

Oman’s non-oil exports, excluding re-exports, increased by a remarkable 32.4% from OR1,849.5m in 2009 to OR2,448.2m in 2010 with a 14.7% increase reported in the first three months of 2011 compared to the same period in 2010.

Since the company’s establishment in 2006, Octal has created a dynamic comparative advantage through technological innovation and the promotion of quality that is guided by a strong environmental commitment. The state-of-the-art plant that produces both PET resin and sheet was purposefully designed to yield the lowest carbon footprint products of superior optical and mechanical properties. Octal’s products are used in clear rigid packaging solutions with a wide range of applications for foods, liquids, consumer and industrial products.

Today, the company exports to more than 60 countries around the world and serves an impressive roster of customers that includes global multinational giants Procter & Gamble, Coca-Cola, Pepsi and Unilever in addition to Saudi integrated dairy foods company, Almarai.

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Sunday, December 4- 2011 @ 11:55 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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