Octal Petrochemicals will establish a manufacturing plant in Saudi Arabia for the production of polyethylene terephthalate (PET) cups and trays for dairy and poultry industries.
The project is estimated to cost around $20m and once operational, it will generate $70m revenue annually, according to the company.
Once completed, the plant would produce 4,000 tonnes of PET dairy cups and trays during the initial stage of production.
Octal corporate development manager Geroge Freiji said the company is in advanced stage to start the project.
"We have already formed the company and have recently leased the land. Orders have been placed for equipment," Freiji added.
For the project, which will be commissioned within a period of six to eight months, the PET sheets that are said to be the main raw material will be exported from Salalah.
Image: PET Sheet. Photo: courtesy of Octal Petrochemicals FZC
