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Octal celebrates second anniversary.

Byline: Our Correspondent

Oman-based company Octal Petrochemicals announced the completion of two years of operations in the last week of August at a gathering held to recognise the support of its principal len-ders. Rashid Saif al Sadi, board member, Octal, presented crystal awards to BankMuscat and Bank Dhofar, a press release said. The banks participated in OctalAAEs initial investment of US$350mn announced last November.

AoOctal is fulfilling its exp-ansion strategy to become a

homegrown global petrochemicals leader, and the involvement of OmanAAEs leading financial

institutions has been critical to our success. We thank our Omani bankers, the Salalah Free Zone and the Oman government for their support,Ao Sadi said on

the occasion.

AoOctal, the largest exporter from the port of Salalah, is a

growing employer and a

significant investor in local and regional suppliers. We have come a very long way in a short space of time and our progress would not have been possible without the confidence of local and regional investors.Ao

AbdulRazak Ali Issa, chief executive of BankMuscat, than-ked Octal and said, AoWe are happy to be involved with Octal in various roles. Our involvement as financial advisor, equity investor, mandated lead arran-ger and the largest lender demonstrates our confidence in this Omani project and its prospects.Ao

Kris Babici, CEO of Bank Dhofar, said, AoWe are proud to

be associated with Octal, and

we have a strong emotional

attachment to this project because it has been set up in the Dhofar region.Ao

Apex Press and Publishing

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Publication:The Week (Muscat, Oman)
Date:Sep 7, 2008
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