Kuwait City, March 13, 2024 – EQUATE Group a global producer of petrochemicals and the world’s leading supplier of ethylene glycol, has announced the signing of global agreements with MOL Chemical Tanker, signaling a significant step in enhancing reliability and business continuity for its customers.​

These global agreements solidify EQUATE’s dedication to providing outstanding services and strengthening its position as an industry leader. By partnering with MOL Chemical Tanker, EQUATE is able to further expand its network and offer enhanced solutions to meet the evolving needs of its customers.​

This partnership underscores EQUATE’s ongoing efforts to deliver exceptional service, reliability, and innovation. Both companies share a commitment to excellence, safety, and sustainability, making this collaboration a natural fit to drive success and growth.​

EQUATE looks forward to leveraging this partnership with MOL Chemical Tanker to enhance its capabilities, strengthen its network, and deliver continued value to customers worldwide.​

KUWAIT CITY, March 6, 2024  – EQUATE proudly participated in the recent PIC HSSE Week, where the focus was on the key theme, “Together Towards Carbon Neutrality.” This dedicated event aligned perfectly with EQUATE’s mission of shaping a responsible and sustainable energy future.

The main purpose of the event was to showcase projects and initiatives that make significant contributions to achieving Carbon Neutrality in Kuwait. One notable initiative highlighted at the event was carbon capture and its application, reflecting the theme of working together towards carbon neutrality.

In addition to EQUATE, other notable participants at the event included various K-companies, the Kuwait Environmental Public Authority (EPA), and several other companies with a keen interest in advancing sustainability efforts in the industry.

EQUATE’s participation at the event emphasized not only its commitment to carbon neutrality but also showcased key projects and initiatives that were set in motion prior to the Paris Agreement. These projects aim to achieve the ambitious goals set forth in the event’s theme.

The inauguration of the event was led by senior management from PIC, underscoring the importance of the initiatives being presented.

EQUATE remains dedicated to driving meaningful change and innovation in the pursuit of a more sustainable future. By actively participating in events like the PIC HSSE Week and highlighting projects that support carbon neutrality, EQUATE reaffirms its position as a leader in environmental, social, and governance (ESG) practices within the industry.

Kuwait, March 4, 2024 – EQUATE Group proudly announces its remarkable achievement of winning first place in the prestigious His Highness the Amir’s Award for Distinguished Factories. This accolade was secured in the sixth session, specifically in the first category, dedicated to large industrial facilities.

Naser Aldousari, President and CEO of EQUATE Group, expressed his appreciation and highlighted the significance of this award, stating: “This recognition is a demonstration of the government’s initiatives aimed at elevating the industrial sector and fostering economic growth in alignment with the country’s overarching development vision.

“This award plays a key role in promoting excellence in institutional performance, creating a culture of healthy competition among establishments, and driving adoption of the latest administrative and technical advancements.”

Aldousari added, “The award also serves as a catalyst for industrial establishments to assess and enhance their performance by benchmarking against global best practices. The core values and objectives of the award closely mirror those of EQUATE Group, which are rooted in driving continuous improvement and striving for operational excellence.”

This achievement marks a significant milestone for EQUATE Group and reinforces its position as a leader in the industrial sector. The company looks forward to building on this success and continuing to drive innovation, sustainability, and growth within the industry.

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Kuwait Projects Company – KIPCO. Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

KUWAIT, February 15, 2024 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, announced its full-year earnings for 2023 this week.

The EQUATE Group reported a total revenue of US$3,135 million in 2023, compared to US$3,947 million in 2022. The Group also reported a net income after tax of US$308 million and EBITDA of US$862 million, compared to US$611 million and US$1,217 million, respectively, for 2022.

While the industry continued to face challenging market conditions, that included macroeconomic uncertainty and cascading effects on global supply and demand, EQUATE performance remained resilient. Leveraging its regional and business strengths and initiatives, as well as its competitiveness, EQUATE capitalized on strong demand growth in higher-value regional markets.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “In 2023, EQUATE Group delivered strong operational performance and completed major turnarounds and maintenance programs while mitigating the impact on performance, despite significant headwinds encountered by the industry across several fronts. EQUATE Group has emerged both stronger and more resilient.

“Our global reliability and the safety of our operations remained uncompromised, and the successful execution of major turnarounds and targeted capital spending contributed to our operational efficiencies, safety and the well-being of our teams, as well as our neighbouring communities and the environment.”

EQUATE Group’s results reflect their uncompromising focus on reliability, close collaboration with stakeholders, and their proactive actions in navigating challenges and market dynamics to deliver a long-term sustainable strong performance.

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

KUWAIT, December 7th, 2023 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, plays a pivotal role in the 17^th GPCA Annual Forum, taking place from December 3^rd to 6^th, 2023, under the theme ‘Mobilizing Chemistry for Impactful Transformation.’

EQUATE has 22 representatives attending the forum and will showcase its latest initiatives at the EQUATE exhibition stand. The Group is also one of the sponsors at GPCA.

In line with the overarching theme of the event, EQUATE’s commitment to the future is demonstrated in its participation at the 2nd Youth Forum, facilitating the attendance of  younger members of EQUATE and students of Kuwait University, and sponsoring the GPCA Youth-Leader Debate, scheduled for December 4th, 2023. This open dialogue invites up-and-coming talent to challenge industry leaders on their commitment to sustainability and digitalization targets, and foster a dynamic exchange of ideas.

Naser Aldousari, President & CEO of EQUATE Group, who will address the GPCA’s Youth Forum as keynote speaker, said: “At EQUATE, we believe in the transformative power of dialogue and collaboration. As leaders today, we must engage with the next generation of engineers and industry experts who will lead our organizations in the future. Working together enables us to harness new ideas and innovations and combine them with the decades of experience our current leaders bring to the business. The 17th GPCA Annual Forum provides a valuable platform to enable this sharing of ideas and perspectives, catalyzing impactful change and continued success for our industry.”

Yousef AlGharabally, Global Procurement Director of EQUATE Group, will also share his expertise in a panel discussion on “Realizing opportunities for procurement collaboration in the GCC,” providing perspectives on collaboration in the region.

EQUATE is a founding member of GPCA, and an active leader in driving excellence in the chemical industry.

KUWAIT, August 30, 2023 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol announced its earnings for the first half of 2023.

The EQUATE Group reported total revenue of US$1,518 million in H1 2023, compared to US$2,238 million during the same period in 2022. The Group also reported a net income after tax of US$89 million and EBITDA of US$377 million, compared to US$537 million and US$855 million, respectively, for 2022.

Despite market volatility sentiments, EQUATE Group maintains its reliable operation with a sold-out volume position and continues to navigate a challenging macroeconomic landscape marked by slow global growth. In the face of this dynamic economic environment, EQUATE Group has demonstrated its agility by delivering positive results.

Commenting on the results, Naser Aldousari, President and CEO of EQUATE Group, said: “EQUATE continues to maintain a distinguished operational performance although it has experienced lower year-over-year sales and earnings due to ample supply and sluggish market conditions. The results reflect our strengths in the market and our commitment to operational efficiency. Leveraging our competitive cost position and strategically located facilities, we successfully completed our periodic turnaround for the Ethane cracker, downstream derivatives and utilities while continuing to fulfill customer demand in key regions. We proactively focused on prioritizing higher-value opportunities where regional demand netback remains strong. We are focused on maintaining consistent and disciplined performance in the short term while aiming for long-term growth and cash flow, and we are confident in our ability to continue delivering our financial targets across the economic cycle.”

“As we continue on our journey towards sustainability, EQUATE Group is in the planning phase to transition its sustainability strategy to align with a holistic Environmental, Social and Governance (ESG) approach, reaffirming our compliance with international standards and regional goals and reflecting our commitment to overall sustainable development. Through partnerships with institutions, businesses, and society, we are focused on reducing emissions, and aiming for pursuing carbon neutrality across all EQUATE Group-owned operations in alignment with local and regional targets.”

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Kuwait Projects Company – KIPCO. Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement. Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

KUWAIT, March 1, 2023 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, announced its full-year earnings for 2022 this week.

The EQUATE Group reported total revenue of US$3,947 million in 2022, compared to US$4,159 million in 2021. The Group also reported a net income after tax of US$611 million and EBITDA of US$1,217 million, compared to US$1,109 million and US$1,735 million, respectively, for 2021.

In the face of changing market conditions, EQUATE remained resilient. Through cost positioning and feedstock, EQUATE was able to respond to demand trends and optimize margins, resulting in a low-cost operating model and strong cash conversion.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “As economic conditions deteriorate across the world, we have put in place a comprehensive set of immediate and long-term measures to drive resilient performance. We keep our financial position strong by focusing on disciplined and balanced capital allocation. We will continue to manage our operations and adjust our business to the changing market in order to generate long-term value for our stakeholders, as we leverage our competitive advantages and operational agility.”

EQUATE Group’s results reflect their focus on operational reliability, a low cost-to-serve model, and a proactive approach in navigating challenges and market dynamics to deliver a long-term sustainable strategy.

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

On September 9, 2022, EQUATE celebrated the third anniversary of the inauguration of its MEGlobal Americas. Inc. (MEGlobal) Oyster Creek, Texas site, marking several milestones of success in safety, production and sustainability.

The site was completed ahead of schedule and below budget and has now celebrated three years of zero safety incidents. It is producing top quality ethylene glycol at record rates, already increasing its nameplate capacity from 750,000 mta to 1,000,000 mta after its first year.

The first US-based site in the EQUATE Group, Oyster Creek garnered several awards for its construction including the 2020 Best Project in the Industrial/Energy category and a Global Award of Merit award by ENR. Companies such as Dow, PIC, Fluor, Praxair, Evoqua and others were an integral part of the project’s success.

“We appreciate all those who have made the Oyster Creek Site a shining example of what can be accomplished through teamwork and dedication,” said EQUATE President and CEO Naser Aldousari. “It has been a truly global achievement with benefits to both Kuwait and the U.S., providing us with greater flexibility to satisfy our customers’ needs while capitalizing on cost-effective U.S. shale gas. This site built on our global footprint and has enabled EQUATE to grow our value-added business as a leading ethylene glycol producer and supplier.”

In addition to demonstrating operational excellence, the MEGlobal Oyster Creek site is an integral part of the community and was named the 2021 Industry Partner of the Year by the Brazosport Area Chamber of Commerce.

“The accomplishment of the Oyster Creek site in its first three years are impressive and demonstrate EQUATE’s ability to strategically add to its portfolio with far-reaching financial and social benefits,” said Mr. Aldousari. “We want to thank everyone who has been a part of this journey with us.”

KUWAIT, September 1, 2022 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol announced its earnings for the first half of 2022.

The EQUATE Group reported total revenue of US$2,238 million in H1 2022, compared to US$2,041 million during the same period in 2021. The Group also reported a net income after tax of US$537 million and EBITDA of US$855 million, compared to US$543 million and US$869 million, respectively for 2021.

Despite various macro-economic challenges, including the COVID-19 lockdown in China, the geopolitical conflict, and potential recessionary sentiments, EQUATE Group continues to prove that it is well positioned to adapt to market dynamics while advancing its long-term sustainable strategy.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “Our positive performance reflects the strength and agility of our business portfolio, as well as the remarkable efforts of the EQUATE team in maintaining the well-being and safety of our team and the communities in which we operate.

“While current market dynamics remain challenging, we continue to identify and capitalize on areas of underlying strength.  Similarly, the competitive position of EQUATE’s global assets has enabled us to operate at maximum capacity and, with our global multi-sourcing capabilities, successfully continue to ship our products to customers.”

EQUATE Group’s results reflect their uncompromising focus on reliability and their proactive actions in navigating supply chain challenges and market dynamics to deliver our long-term sustainable  strategy.

-ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

KUWAIT, Aug 10, 2022 — As part of its commitment to long-term sustainable development, the EQUATE Group, a global producer of petrochemicals, has signed a Memorandum of Understanding (MoU) with Omniya Project Management Company, a plastic recycling firm, in a bid to help close the loop on the plastics economy through the implementation of a joint community recycling program.

Signed by Naser Aldousari, President & CEO of EQUATE Group, and Sanaa AlGhemlas, CEO of Omniya, the agreement marks the strengthening of a collaborative partnership to develop and support environmental initiatives in Kuwait to minimize resource consumption and reduce waste.

Throughout the program, EQUATE Group will be the exclusive provider, responsible for the design, implementation, and delivery of the 45 Omniya’s plastic recycling containers across various locations in Kuwait.  The initiative aims to encourage the community to reduce plastic waste.  EQUATE Group will also support the initiative with the maintenance of two compressors used to collect, sort, and recycle waste.

Naser Aldousari, President & CEO of EQUATE Group, said: “Omniya has been a long-standing partner of EQUATE Group, and we are proud to expand the horizon of our cooperation by helping their latest efforts to develop and support recycling initiatives in Kuwait. We are committed to minimizing resource consumption and reducing waste as we aim to shrink our carbon footprint and help the plastics industry transition to a circular economy. Operating in a sustainable economy is a critical area of focus for EQUATE, and we will continue to support initiatives that strive to achieve this goal.”

Sanaa AlGhemlas, CEO of Omniya, added: “We are delighted to continue the over 5-year partnership with EQUATE Group and introduce a sustainable plastic recycling model. At Omniya, we’ve been doing a great deal in the region to reduce plastic waste, but in order to reach a circular economy, we need a variety of stakeholders throughout the entire supply chain to participate. EQUATE Group is paving the way among leaders in the plastics industry.”