H.E. Maqbool Ali Sultan Inaugurates 'Phase One' of OCTAL Petrochemicals' PET Complex
Muscat, Oman, August 30, 2008

His Excellency Maqbool bin Ali bin Sultan, Minister of Commerce and Industry, conducted the official inauguration of the first phase of OCTAL Petrochemicals’ [www.OCTAL.com] integrated PET complex in the south-east city of Salalah today.

The minister unveiled a plaque at the facility, which produces PET sheet for consumer products packaging, and cut a ribbon at the entrance to the factory floor. He later toured the plant and surveyed the adjacent PET sheet and PET resins plant which starts commercial operation in October.

Earlier in the day, OCTAL spoke to a gathering of government dignitaries, business people and diplomats on the company’s success since the start of operations in Salalah in 2006. His Excellency Maqbool bin Ali bin Sultan made an award to OCTAL recognizing its dramatic progress as the first plant in the Salalah Free Zone.

At the unveiling, OCTAL management presented an award to the minister for his personal support of the company’s investment. OCTAL also presented awards to representatives of Salalah Free Zone.

Rashid Saif Al Sadi of OCTAL said: “It is an honor to receive the minister for the official opening of Phase One of our complex. The backing of the Salalah Free Zone and the Omani authorities has helped make OCTAL a rapid success and enabled the company’s emergence as a global player in PET resins. Phase One was operational in five months and we expect commercial start-up of Phase Two within 19 months.”

OCTAL Managing Director Nicholas Barakat said: “OCTAL’s progress is a great advertisement for Salalah Free Zone and we applaud the decisions of other companies to join us here.”

He said: “OCTAL has shown itself to be a reliable partner of government, investors and business – and our neighbors will also raise the profile of Salalah Free Zone as an ideal location for export-focused manufacturing.”