Oman-based Octal, a leading PET sheet producer and leading integrated packaging company, will be investing a minimum of $50 million this year in its polyethylene terephthalate (PET) sheet business in the sultanate, said a report.

The outlay will largely be in PET sheet capacity expansion to improve the existing machinery, increase operational efficiencies and generate cost savings, added the Times of Oman report.

Octal, a leading clear rigid packaging material supplier, recorded consistent growth in 2018 and has now entered its fourth development phase. The company outlined its successes during a meeting for bankers and lenders.

Nicholas Barakat, chief executive officer, Octal, said that the investment going forward is driven by the customers’ need for a superior product that meets their packaging and environmental requirements.