Oman International Petrochemical Industry Company (Ompet) has signed a leasing agreement with Sohar Port and Freezone for its upcoming polyethylene terephthalate (PET) plant.

As per the deal, Ompet will lease a 330,000 sq m plot at the Sohar Industrial Port for setting up the factory in Oman.

Ompet is a joint venture between Oman Oil Company (50 per cent), LG Corporation (30 per cent) and Takamul Investment Company (20 per cent).

The plant will complement the port's existing petrochemicals supply chain, and will feed into a global beverage industry that is currently valued at approximately $1.3 trillion.

Once fully operational the new facility will create 300 direct jobs and produce 1.1 million tonnes of PTA - the raw material used to produce PET.

It will also produce 250 kilotons of purified PET, which is used to manufacture bottles that are primarily used to package soft drinks and single-serve beverages.

The Ompet plant is just one of five brand new facilities to be added to Sohar's petrochemical cluster over the next five years.-Reuters