Octal targeting sales worth $500m in Europe - Emirates24|7

Octal targeting sales worth $500m in Europe

Oman-based Octal Petrochemicals said yesterday it is targeting $500 million (Dh1.83bn) in sales in Europe and plans further international expansion.

The company last month participated in Interpack Processes and Packaging 2008 exhibition, which ran from April 24 to 30 in Dusseldorf, Germany.

Octal's global sales team conducted negotiations with more than 50 global buyers of PET (polyethylene terephthalate) resin and amorphous PET sheet – and have confirmed strong sales leads with at least 15 top consumer brands from Europe and North America, and 10 of the biggest "convertors" (companies which turn plastic into packaging products). The show also generated significant investor interest.

Octal board member Rashid Saif Al Sadi said: "The target we set in February for PET and APET sales into Europe was $200 million per annum. But the excellent response we've seen at Interpack means we can be even more ambitious – and it's clear that our integrated business model has struck a chord with the world's biggest consumer packaging companies."

Octal Managing Director Nicholas Barakat said: "With the oil price near $120 a barrel and spiralling food prices, the cost of packaging is becoming a critical concern to volume-driven brands. Octal aims to be the largest polyester company based in the world."