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Omani firm avails bank loan for expansion

Oman-based packaging products maker, Octal has secured an OR114m long-term loan facility from six local banks, as the company seeks to more than double its production capacity, Times of Oman has reported. Octal aims to raise its annual production of polyethylene terephthalate (PET) to 927,000 tonnes from the current 400,000 tonnes a year. Octal produces PET resin for soft drink, water and edible oil packaging, and PET sheet, the world's fastest growing material in clear rigid plastics, which is used for food, dairy and consumer product packaging. The expansion is scheduled for completion in April 2012.