Equate Petrochemical profit surges 73pc
Kuwait, February 5, 2011
Equate Petrochemical Company, a joint venture with a state-of-the-art petrochemical complex located in Kuwait, said its full year net profit surged to $880 million in 2010, up 73 per cent compared to the previous year.
Established in 1995, Equate is an international joint venture between Petrochemical Industries Company, The Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.
Announcing the results for the fiscal year ending December 31, Equate president and chief executive officer Hamad Al-Terkait said,“These profits were realized due to high efficiency in operating all production units, as well as the global rise in prices of petrochemical products, despite gas feedstock limitations facing the company’s plants.”
Al-Terkait said, “For the first time in Equate’s history, sales value in 2010 has exceeded $2 billion which is a result of operating all production units and exporting products.”
According to him, Equate board will hold a meeting in March to endorse the financial results, which will be followed by the general assembly.
Equate, which began production in 1997, is the single operator of a fully-integrated world-scale manufacturing unit producing annually over 5 million tons of petrochemical products which are marketed throughout Middle East, Asia, Africa and Europe.
“This astounding success stems from the combined efforts of Equate employees who work as a unified team, as well as the unwavering support from our strategic partners and board members,” he added.-TradeArabia News Service