OCTAL secures US$296 million for next phase of expansion
Phase two of the complex, which will be commissioned from June 2012, will add an additional 527,000 m/t of production, making OCTAL the world’s largest producer of PET resins on one site and the largest PET manufacturer in the world.
OCTAL has secured a RO 114 million (US$296 million) senior term loan from a group comprising Bank Muscat, Bank Dhofar, National Bank of Oman, Bank Sohar, Ahli Bank and Qatar National Bank. Existing shareholders Muscat Overseas and Oman & Emirates Investment Holding Company have also agreed a junior debt facility of US$15 million.
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