The Kuwait Styrene Company (TKSC) recorded a net profit of $126 million for the fiscal year ending December 31, 2014, down $54 million compared to the previous year.

TKSC board chairman Hadi Abul said: “As the only Kuwaiti producer and exporter of styrene monomer (SM), the company has continued realising notable net profits despite a number of challenges, mainly decreasing oil prices and the hike in feedstock costs."

Abul expressed appreciation and gratitude to all contributors to this success, especially TKSC board members, executive management, Equate Petrochemical Company, Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), as well as various government and private bodies for their continuous support to TKSC.

TKSC CEO Adel Al-Munifi said the company achieved a total production of 526,000 tonnes, which is a new record. The plant’s capacity is only 450,000 tonnes per year.

"Our sales in terms of volume increased and the sales value was $807 million in comparison to $915 during 2013," he said.

"The year 2015 is expected to witness more challenges in light of fluctuating oil prices and this will have an impact on petrochemical markets as a whole and demand for petrochemicals, as well as instability in prices,” he said.

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

Equate Petrochemical Company is the single operator of Greater Equate, which includes TKSC, KPPC and TKOC under one fully integrated operational umbrella at Kuwait’s Shuaiba Industrial Area. - TradeArabia News Service