Date/Time
Date(s) - 21 November 2018
12:00 am
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Kuwait, 21 November 2018 — Public Authority for Industry (PAI), EQUATE Petrochemical Company, a global producer of petrochemicals, and National Technology Enterprise Company (NTEC) signed a Memorandum of Understanding (MoU) for a renewable energy project at the PAI.
The agreement includes EQUATE supporting the installation of a renewable energy facility on the roof of the PAI through NTEC.
This MoU is in alignment with the vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to generate 15% of Kuwait’s electrical demand from renewable energy including solar by 2030.
The agreement was signed by PAI Director-General Abdulkarim Taqi, EQUATE President & CEO Dr. Ramesh Ramachandran and NTEC Group CEO Anas Meerza.
During the event, Taqi said, “We highly recommend and encourage all and every initiative with regards to the efficiency of the energy and power sector that will eventually relieve the burden on Kuwait’s power supply. PAI’s future plans include developing clean energy units and its related technological aspects.”
For his part, Ramachandran said, “Throughout the years, PAI and EQUATE have enjoyed a partnership to ensure the development and progress of the industrial sector. The flourishing and growth of this collaboration, which now includes other partners, is part of making a difference in terms of implementing EQUATE’s sustainability strategy that focuses on economy, society and the environment, which covers renewable energy. We are looking forward to execute this project, which will play a role in conserving energy and protecting the environment.”
In addition, Meerza said, “NTEC being part of the public sector in Kuwait is keen to bring and implement the up-to-date technology in various domains and mainly the renewable energy. NTEC played a vital role to structure a state of the art setup and form a new model of the relationship and partnership among various sectors”.
On 15 January 1997, Public Authority for Industry was established and it is an autonomous authority under the supervision of the Minister of Commerce & Industry. The purpose of such an establishment was developing, promoting and supervising the industrial activity in the State of Kuwait, through encouraging local industries, protecting and expanding the production base to including strategic goods required for national and nutritional security, and this would diversify national income sources which is a main goal for PAI. In addition to that it is in PAI’s concern to deepening the industrial awareness of the citizens, and helps propagate studies, coordinate between the existing industries and that proposed for future at GCC and Arabian countries and consolidates the industrial cooperation with different countries and international organization.
The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer of ethylene glycol (EG). The 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 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 for more information.
The National Technology Enterprises Company (NTEC) was established back in November of 2002 and operational in late 2004, by the Kuwait Council of Ministers as a fully owned subsidiary of the Kuwait Investment Authority (KIA). Capitalized at 100 Million Kuwaiti Dinars (Approximately 350 Million U.S. Dollars), with a paid up capital of 85 Million Kuwaiti Dinars. NTEC was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. The company holds a unique position being fully owned by the Kuwaiti Government, yet enjoys all private sector privileges and operates as such; with its own business license, articles of association, board of directors and capital, NTEC was able to utilize its broad objectives and technology focus being: Information & Communications Technologies, Life Sciences & Healthcare Technologies, Energy, Renewable Energy, Water & Environmental Technologies, to develop distinctive operational and investment strategies to address its core mandate: Technology & Knowledge Transfer.
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