Octal’s Pet Resin Opens a Window of Opportunity for Omani Exports to Canada
Raising the profile of Omani exports worldwide and boosting bilateral trade opportunities between Oman and Canada, OCTAL, one of the Sultanate’s principal exporters, joined hands with the Omani Ministry of Commerce and Industry to ensure exports of Omani polyethylene terephthalate resin (PET resin) are uninterrupted to Canada without any additional duties imposed. The win for Omani industry came in the wake of an inquiry conducted by the Canadian International Trade Tribunal into the effect of dumping and subsidizing of PET resin originating in or exported from China, India, Pakistan, and Oman on Canadian industry, which resulted in the finding of ‘negligible’.
“Oman has a window of opportunity to accelerate economic growth and stimulate job creation and investment opportunities by continuing to foster a progressive international trade policy,” said OCTAL’s CEO, Nicholas Barakat. “The ongoing implementation of Oman’s diversification agenda, boosting of exports and investment for the future by nurturing innovation, are key elements for Oman to achieve its economic development aspirations.”
Barakat, added “The win for Omani PET resin in the Canadian market is a real testament to Omani manufacturing, its capabilities and most importantly, its promise for the country’s growing exports and international trade, which is increasingly considered the modern engine of prosperity.”
The size of the economy in Oman has been growing steadily, and market conditions are stable. Oman and Canada have a growing trade and investment relationship. Canada’s export credit agency, Export Development Canada classified Oman as a key market for Canadian businesses and investment.
OCTAL’s reputation as a global leader in PET manufacturing has been driven by its strong dedication to international standards at every stage of production. The company has recently been granted the Authorized Economic Operator status (AEO). This globally-recognized certification is a tool used by the World Custom Organization’s (WCO) in order to identify trusted economic operators. It is also supported by the World Trade Organization’s (WTO) Trade Facilitation Agreement, in order to establish strategic partnerships to ensure security within the business community and facilitate the international supply chain and global trade. The AEO status enables OCTAL to elevate its manufacturing prowess, enhance its import and export portfolio, and increase the strategic value of its trade management operations in over 140 markets worldwide. The company received the certificate as a result of its strong track record of customs compliance and security standards.
Built at an initial cost of US$350 million, OCTAL’s state-of-the-art facility in Salalah Free Zone introduced pioneering new technology that combines the production of clear rigid polyethylene terephthalate sheet with the manufacture of PET resin in a single process, an industry first yielding dramatic improvements in product quality, cost efficiency and environmental performance.
OCTAL’s patented direct-to-sheet technology produces less than half the carbon dioxide of conventional PET sheet manufacturing, chiefly through significant energy savings, a feat independently verified by UK-based certification consultancy Ciba Expert Services.
OCTAL’s proprietary sheet production process achieves higher product output through more precise gauge control, reducing waste. The manufacturing complex in Salalah Free Zone is also equipped to handle recycled PET and only uses local wastewater, further enhancing environmental performance.
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