With a total annual capacity of almost one million metric tonnes, OCTAL is the largest global manufacturer of PET sheet and resin on a single site, and the only company in the world with a fully integrated food packaging system from raw material to finished product.
“Under the premise ‘From Oman to the World’ and with an investment of US$600mn more than a decade ago, OCTAL has proved itself as a giant in the Omani market, redefining manufacturing and creating a name not only for itself, but positioning the sultanate as a hub for the global PET industry,” the company said in a press statement.
“The need of the hour is to attract high quality foreign direct investment (FDI) into Oman; to choose investors to benefit the economy and deeply integrate into the local as well as the global value chain,” said Nicholas Barakat, chief executive officer of OCTAL.
“From inception, OCTAL has maintained an unwavering focus on investment in capacity, proprietary technology and innovation, spurring growth not only internally but also catapulting Oman and specifically Salalah into the global manufacturing arena,” he said.
OCTAL’s main product is its patented DPET sheet, which it developed and introduced to the market in 2008 as a cutting-edge alternative to the traditional PET sheet. The company is tapping into a global market size that currently stands at 59.3mn tonnes, offering a product that is fully recyclable, clear and transparent, and the first and only direct-to-sheet polyester sheet in the world.
OCTAL also manufactures PET resin, the advantages of which are ease of processing, clarity and recyclability. The company’s resin business has witnessed an increase of 18 per cent of production and sales in the first half of this year when compared to the same period last year.
In order to provide capexexpansion to its locations in Oman, USA and Saudi Arabia and improve its operational cash flow as its revenues continue to grow, OCTAL recently secured US$625mn of banking facilities.
“Oman’s non-oil sectors are expected to continue moving forward, gaining momentum in their ability to compete on a global scale. We are seeing a number of key initiatives being implemented like greater access to finance, the continued support and eventual completion of major infrastructural projects, as well as the rise of new logistical hubs and free zones that should have a significant and positive impact on businesses’ growth and attracting FDI,” said Barakat.
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