Global PET packaging leader OCTAL is on track to complete the second phase of its operational expansion this year following a new round of funding from six Middle Eastern banks.

The Petrochemical Commercial Company (PCC), a subsidiary of the National Petrochemical Company (NPC), reported exporting petrochemical products worth US$7.6 billion during the first ten months of the current Iranian year (started March 21 2010).

Saudi Arabia, holder of the world’s largest oil reserves, reported that petrochemical exports grew 17.2 per cent by volume last year, partly as a result of higher demand from Asia in the fourth quarter.

Qatar Petroleum has signed contracts worth US$26 billion from 2005 to 2010, 65 per cent (more than US$16.7 billion worth) of which had gone to Qatari companies.