Equate Petrochemical nets $1bn profit in 2012
Kuwait, February 7, 2013
Equate Petrochemical Company, a major player in the petrochemical sector based in Kuwait, has registered a net profit of $1.09 billion for the fiscal year ending December 31, 2012, up three per cent over $1.05 billion achieved a year ago.
Established in 1995, 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).
Commenting on the results, Equate president & CEO Mohammad Husain said, “These profits were realized through absolute integration of all commercial, industrial, administrative and other elements, as well as global demand for these products.”
The sales increased to over $2.6 billion for the first time in the group’s history which was a result of "overall organizational efficiency by manifesting its tagline of ‘Partners in Success’ with all stakeholders within and outside Kuwait," he added.
According to him, Equate had recently devised its three-pronged ‘2020 Strategy’ for global growth.
"The first was to focus on qualifying relevant human resources, the second for preparing to enter the international scene and the third was venturing into the global arena," said Husain.
"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, with all stages focusing on distinguished human resources, especially Kuwaitis, through being more specialized and optimum technology utilization within a creative, innovative and sustainable work environment,” he added.
Commencing production in 1997, Equate has become the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of quality petrochemical products which are marketed in Middle East, Asia, Africa and Europe.-TradeArabia News Service