Equate-TKOC Q1 profit up 84pc
Kuwait, June 9, 2010
Equate Petrochemical Company, a Kuwait-based leading producer of polyethylene and ethylene glycol, said its combined profits with the Kuwait Olefins Company (TKOC) for the first quarter surged over 84 per cent to hit $222 million.
Equate is a joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Equate is the single operator of TKOC.
Addressing the company's bi-annual management forum, Hamad Al-Terkait, Equate president and CEO, said the company’s performance this year had exceeded production and business plans.
“Despite the adverse global financial situation, Equate’s sales volume and net profit were better than original forecast,” he noted.
'Equate has achieved over 22 million safe work hours (SWH) without any day away from work case (DAWC), that’s a truly unique industrial record,' he added.-TradeArabia News Service