Oman-based Octal Petrochemicals, seeking to exploit the growing Asian demand for plastic packaging, has announced it has started exports to India and China.

Octal Petrochemicals, a subsidiary of Octal Holding, sent its first shipments to the two countries recently and is hoping to achieve sales of $10 million from both the markets in 2008, Octal said in a statement.
Octal, which aims to become the world’s largest producer of APET (amorphous polyethylene terephthalate) sheet plastic, is targeting three times that figure the following year based on current growth trends. Octal opened a sales office in Shanghai in July and claims to be the first company exporting APET sheet to India and China.
Octal Petrochemicals managing director Nicholas Barakat said: “Trials with 35 clients in a variety of industries are under way in China, which we hope will translate into export demand of around 500 tonnes per month. India’s growth as an exporter of fruit and vegetables and the development of domestic retail, which is seeing more and more supermarkets open in the country, offers great potential for the use of clear rigid plastic packaging.”
Octal Petrochemicals announced a $300 million investment in an integrated PET resin and APET sheet manufacturing plant based at the Salalah Free Zone in September. Octal is the first company to build a plant in the free zone and production started in late 2006.
Octal Petrochemicals hopes total sales of its APET sheet packaging will reach $500 million per annum by the end of 2008, around one fifth of the world market for APET. Global sales exceeded 2,000 tonnes in November, worth more than $3 million.