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Article: Octal drives import substitution.
- Article from:
- Gulf Industry
- Article date:
- July 1, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Packaging firm Octal Petrochemicals has substituted 90 per cent of PET resin imports into Oman, valued at nearly $42 million a year, the company says.
This was achieved after just five months of operations at its new manufacturing facility in the Salalah Free Zone. "Omani companies can now buy from a world-class Omani supplier, reducing expenditure on expensive overseas imports and investing instead in Omani factories and jobs," said Sheikh Saad Suhail Bahwan, Octal chairman. "This is a great advertisement for local manufacturing." Sales are set to increase further as customers use up their old inventories of PET and switch over to Octal, Sheikh Saad added. Octal ...