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Octal to invest in downstream facility in Saudi Arabia
9:56 AM MST | February 9, 2014 | Natasha Alperowicz
Octal Petrochemicals, a major producer of polyethylene terephthalate (PET) bottle resin at Salalah, Oman, has announced plans to set up a $20-million project in Saudi Arabia to manufacture PET cups and trays for dairy and poultry industries. The company says the project will generate annual revenues of $70 million. Octal will hold 100% in the venture, which is at an advanced stage of planning. The company will export PET sheet from Salalah to the new facility, due on line toward the end of this year. Octal in December 2013 completed construction of the...
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