Muscat, Octal, one of the largest companies in the Omani market, has re-defined the concept of manufacturing and established itself as a global hub for the manufacture of polyethylene terephthalate sheets.
Since 2006, the company has been leading the innovation process in the manufacture of polyethylene terephthalate sheets by using the latest modern technologies that are the fruits of its investment in scientific research. The company's revenues in 2018 amounted to about USD 770 million as it sold more than 98 percent of its total high quality recycled and environment friendly products around the world.
Octal's annual production capacity is approximately one million metric tons, making it the world's largest manufacturer of polyethylene terephthalate sheets and plates in one location and the only company in the world to have an integrated food packaging system from raw materials to finished manufacturing materials.
Nicolas Barakat, CEO of Octal, said the company is currently focusing on attracting viable foreign direct investments, which will contribute to the growth of the economy and the integration of the local market and the global value chain. He pointed out that the company has invested USD 600 million over 10 years.
He added, "The patented polyethylene terephthalate sheets are now the company's main product. It was developed and put on the market in 2008 as a modern alternative to traditional polyethylene terephthalate sheets. Octal continues to expand into the global market of 59.3 million tons of this recyclable product. It is characterized by its purity and high level of transparency and is also the first and only of its kind in the world in its field. Octal also manufactures polyethylene terephthalate resin, which is light, robust, purity and recyclable.
He pointed out that the production of Octal sales of this product increased by 18 percent in the first half of 2019, compared to the same period of 2018.
He added, "In order to meet its capital requirements and improve the cash flow of operating activities in Oman, the US and Saudi Arabia as revenue continues to increase, Octal has recently received USD 625 million in financing facilities. Global demand for plastics recycling is driven by strong growth in consumption in the largest emerging markets, as well as a surge in opportunities between 2019 and 2025 compared to the past five years".
Source: Oman News Agency