Octal sets ambitious plans for future
FROM P13 manufacturers to develop the downstream PET industry and formulate a strategic outline and vision on how we can contribute to boosting Oman’s vision of a diversified economy. Developing new technologies with applications in new geographies have been the cornerstone of our success and a clear indication of the immense possibilities and potential of the manufacturing sector and its line of new products in the Sultanate,” he said.
Not detailing much about the IPO, IPO on the Horizon, both Barkat and Barenberg put stress on the fact that in its tenth consecutive year of growth since its establishment in 2006 and with four purpose-built plants in Oman, Saudi Arabia, and the USA, Octal’s products now comprise 7.3 per cent of Oman’s non-oil exports. The company is now geared for its third phase of growth — downstream expansion and value realisation, with the long term goal of an IPO to support global expansion. The growth in 2017 and 2018 is expected to mostly come from the application of new technologies in the pipeline.
They reinforced Octal’s position as the world’s leading supplier of eco-conscious and high performance DPET sheet and PET resin. “OCTAL has announced growth of 16 per cent in sales for 2017 with production already under way on contracted orders to the value of $260 million. The export powerhouse of Oman’s story of growth and market success has been all about consistently delivering value downstream, employing disruptive technologies that redefine DPET capabilities, and expanding the variety of its applications.”
Commenting on future plans, Barakat said, “Octal has invested and will continue to invest in a phased approach to capture end-use applications, where the next generation PET becomes the optimal solution when compared to applications with other polymers.” Oman’s non-oil sectors, according Barenberg “are expected to continue to growing in 2017, 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 that should have a significant and positive impact on businesses’ growth in the long-term. These are positive signs for Octal and Oman at large, making it highly likely that 2017 will be another year of growth and opportunity.”
Sean P Brown, Director of Operations, Salalah, explained Octal factory’s functioning to the visiting media representatives from Oman and UAE putting stress on OCTAL’s fully recyclable, sustainable packaging solutions, used by the food, beverage and pharmaceutical, as well as consumer goods businesses. The upward trajectory in demand for OCTAL, products, according to him, continues to be driven by the introduction of innovative new products.