OCTAL appoints Chief Financial Officer
Muscat, Oman, July 2010

Muscat, Oman, July 2010: OCTAL Petrochemicals, the industry leader in polyethylene terephthalate (PET) packaging announced the appointment of Nadeem M. Fayyaz as its Chief Financial Officer (CFO). Nadeem brings with him over 20 years of experience in corporate and investment banking, having spent most of his career at Chase Manhattan Bank in New York and London in various client related roles and specializing in the commodity and petroleum industries. In addition, he has substantial experience in investment management having worked at UBS Financial Services as an investment advisor and at Pound Capital Ltd., New York as a private equity manager.

As CFO, Nadeem will look at opportunities in the global and regional financial markets offering OCTAL the means to attain attractive sources of financing and to access advanced risk management tools. Commenting on his new role, Nadeem said, "I am pleased to have the opportunity to join a promising company such as OCTAL and to make a contribution towards its goal of PET industry leadership.”

“We are excited to have Nadeem on board,” stated OCTAL’s Chairman, Saad Suhail Bahwan. “We believe his background and solid financial experience will further strengthen OCTAL and add to our capabilities going forward”.

In a short span of time, OCTAL has grown into the largest integrated PET sheet manufacturer in the world and the Middle East’s largest producer of PET resin. With its second plant in full production and a third one under construction to increase capacity to 927,000 tons per annum in early 2012, OCTAL has emerged a global packaging leader.