With 2011 sales figures of Octal Petrochemicals reaching the OMR 182.5 million mark by October the pioneering petrochemicals company based in the Salalah Free Zone is at the helm of an industrial transformation that is proactively realizing His Majesty's Vision 2020 for a diversified economy.

Also, the recent reports on the latest foreign trade statistics published by the Ministry of Commerce and Industry in its Facts & Figures Report of June 2011 confirm that Octal contributes close to 10% of Oman's annual non oil exports.

Mr Ahmed Al Najjar director of Government Affairs at Octal said that "Octal is well on its way to exceeding the 10 per cent figure in non-oil export contributions to the nation's thriving economy and this is a significant achievement by any standard."

Mr Al Najjar said that "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.

Mr Al Najjar pointed out 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.

Mr Awadh Salim Al Shanfari CEO of the Salalah Free Zone said that "In a short span of 5 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 OMR 1,849.5 million in 2009 to OMR 2,448.2 million in 2010 with 14.7% increase reported in the first 3 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 and consumer and industrial products.

(Sourced from Times of Oman)