Octal posts 15% jump in PET exports

MUSCAT, OCT 26 - Responding to food and beverage packaging requirements, Oman-based PET packaging manufacturer Octal has reported a 15 per cent increase in PET volumes compared to the same period last year. From February till May 2020, Octal produced and shipped 247,000 MT of PET sheet and resin to various destinations around the world. The company said it has deployed its substantial capacity for operational flexibility and reliability ensuring essential food supplies remain available to consumers around the world. Beyond timely delivery, a robust supply chain has enabled customers to meet surges in consumer demand, while providing them with superior production efficiency, optimized cost structures, and an improved environmental profile. Octal is steadily and successfully expanding its presence into wider geographical markets, including Latin America and Asia, as the global demand for PET continues to surge. Bolstered by its sustainability features, PET or polyethylene terephthalate, the most recycled of plastics has witnessed a global call-to-action during COVID-19 with single-use packaging helping prevent virus transmission. Octal, which last year secured $625m in financial backing, continues to position itself for strong and rapid growth. In addition to recording a 26 per cent increase in profitability, Octal also reported an 8 per cent year-on-year increase in sales across its main segments, sheet and resin.