Octal signs loan to back expansion

21 Jan 2011

Oman-based Octal Petrochemicals has signed an OR114m ($296m) syndicated loan, as it plans to expand to become the largest PET resin manufacturer in the world.

The new term loan was agreed with Bank Muscat (a partner in Octal), Bank Dhofar, National Bank of Oman, Bank Sohar, Ahli Bank and Qatar National Bank. It will support the expansion of its manufacturing facility in Salalah, Oman, in 2012.

The firm, which is Oman’s largest non-oil exporter, ...

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