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The Equate plant in Kuwait’s Shuaiba Industrial Area

The Equate plant in Kuwait’s Shuaiba Industrial Area



Equate pursuing global role

A company highlight last year was the launch of a polyethylene plant debottlenecking project

April 2014

Kuwait’s iconic petrochemical company Equate has pledged to establish a global footprint and develop local manpower while boosting sales revenues and bringing greater value to its shareholders.

The company, while pursuing that vision, achieved its strongest sales ever of $2.88 billion during 2013 despite challenges locally and regionally. It also reported a net profit of $1.25 billion, up 14 per cent over the $1.09 billion of the previous year.

President & CEO Mohammad Husain said, “These profits were realised due to absolute integration between all commercial, industrial, administrative and other elements at the company, as well as global demand for petrochemical products.” The feat was all the more significant being achieved despite several challenges locally and regionally, he added.

Overall sales value exceeded $2.88 billion, which Hussain said happened for the first time in the company’s history.

Last year Equate launched the polyethylene (PE) plant debottlenecking project which is expected to be completed during 2015. It will increase the current capacity of 825,000 tonnes annually for ethylene, polyethylene and ethylene glycol.

The company has an ongoing “Equate 2020 Strategy’ being implemented in three stages. The first is aimed at focusing on qualifying relevant human resources, the second “preparing to enter the international scene and the third venturing into the global arena,” as Husain explained.

“The first phase is all about creating as much added-value from current facilities, while the second and third are all about making Equate have greater global presence. He stressed on developing Kuwaiti manpower, gaining specialisation and utilising technology to optimum levels within a creative, innovative and sustainable work environment.

Equate is a joint venture between Petrochemical Industries Company, The Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.

 

STYRENE PLANT

Meanwhile, The Kuwait Styrene Company (TKSC) announced a net profit of $180 million for the fiscal year ending December 31, 2013.

TKSC board chairman Hadi Abul said in a statement the company succeeded in achieving these profits in difficult times.

“Despite several challenges, these profits were realised due to a number of elements relevant to high petrochemical prices, having a solid customer base, operational excellence and strategic marketing, which generated more than 200 per cent of the 2012 profits,” he said in a statement.

Abul said the support of Equate, Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) was instrumental in the fine performance.

Production in 2013 reached a record 500,000 tonnes with sales exceeding the $915 million threshold, compared with $667 million in 2012.

TKSC was established in 2004 as a joint venture between Kuwait Aromatics Company (Karo) and The Dow Chemical Company (Dow).

Equate Petrochemical Company is the single operator of Greater Equate, which includes TKSC, KPPC and TKOC.  




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