Mandated to advise on projects that will contribute to the diversification and growth of Oman’s GDP, the Salalah-based OCTAL will help shape the sultanate’s future economic strategy, growth and diversification away from hydrocarbons.
The first project, ‘PET capacity utilization enhancement’, is owned and will be implemented by OCTAL, focusing on increasing the company’s production capacity in Salalah, while maintaining a highly efficient carbon footprint in line with the its current sustainability strategy.
This increase in its production capacity aims to create additional job opportunities, as well as opportunities for SMEs in Salalah, according to a press release.
The second project, ‘PET preform and bottles’, for which OCTAL will provide technical and marketing support when needed, will be best positioned in Salalah to take advantage of OCTAL’s PET resin production capabilities, technical expertise, and know-how. This will result in a highly competitive PET preform production facility ready to replace the current imports into the sultanate and create a platform for export into the region.
Nicholas Barakat, CEO of OCTAL, said, “The plans we are outlining as part of Tanfeedh focus on supporting promising economic sectors where Oman possesses potential to create a competitive advantage, tackling obstacles to non-oil sector growth, and realising Vision 2040’s ambitions of creating a highly efficient national workforce. With stakeholders from the public and private sectors and members of the general public all participating in the Tanfeedh Labs, we are aiming to collectively contribute to the acceleration of Oman’s diversification strategies.”
Barakat added, “We are proud of the role we continue to play in driving in-country value, directly contributing to the growth of Oman’s non-oil sector, specifically manufacturing. From our hub in the Salalah Free Zone, OCTAL has positively impacted Oman’s trade balance with 98 per cent of its annual production exported to over 80 markets worldwide.”