H.H. the Amir of Kuwait patronizes EQUATE II inauguration Embodying the invaluable and unwavering support of Kuwait's leadership to local petrochemical initiatives, His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah bestowed the honor of holding the official inauguration of EQUATE II under his patronage. Held within the plant area of EQUATE Petrochemical Company, the event was attended by H.H. the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, H.H. the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, acting National Assembly Speaker Dulaihi Al-Hajri, Minister of Oil and Minister of Information Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, as well as several other members of Al-Sabah family, ministers, MPs, state officials and members of the diplomatic corps. Other attendees included the CEO of Kuwait Petroleum Corporation (KPC) Saad Al-Shuwaib, the Chairperson and Managing-Director of Petrochemical Industries Company (PIC) Maha Mulla Hussain, the CEO and Chairman of the Dow Chemical Company (Dow) Andrew Liveris, the President & CEO of EQUATE Hamad Al-Terkait, in addition to several current and previous board members and senior management personnel from several companies and organizations from around the world. Addressing attendees, Minister of Oil and Minister of Information Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah expressed utmost appreciation to H.H. the Amir for holding this inauguration under his auspices that would provide a boost to such projects aimed at pushing forward the Kuwaiti national economy in line with the State development plan. KPC devotes much attention to the expansion and development in petrochemical industries which maximize the added value of investment in hydrocarbon products, said Sheikh Ahmad. This strategic orientation is part of the State development plan and national efforts for maintaining and preserving natural resources as well as boosting relevant returns, added the minister. To put this strategy in place, PIC has adopted a blueprint based on strategic partnership with major international companies in order to obtain cutting-edge technology, as well as vital best practices in production, administrative and marketing fields, coupled by the involvement of the Kuwaiti private sector through initial public offerings, explained Sheikh Ahmad. The minister noted that the official inauguration of EQUATE II, including state-of-the-art Aromatics, Styrene and Olefins II facilities, with an approximate value of KD 1.4 billion (USD 5 billion) is a continuation of the successful launch of the 1st Olefins joint venture, the establishment of EQUATE Petrochemical Company and the sustainable efforts of all partners to optimize the selection of the most efficient sophisticated technology while using the most environmentally friendly industrial practices. The five-year strategy of KPC and its subsidiaries includes several major vital projects in the fields of refining, petrochemicals, exploration and production, especially in the gas sector which includes the recent deal with Shell for developing Kuwaiti natural gas production with the total estimated value reaching KD 22.7 billion (USD 77 billion), he added. As for Olefins III, Sheikh Ahmad said that a feasibility study is currently being carried out for this vital venture which will be a key petrochemical project in KPC's five-year blueprint. PIC's Chairperson and Managing Director Maha Mulla Husain said the total cost of these world class production units reached around UDS 5 billion. State-of-the-art and highly efficient technology along with exemplary safety, health and environmental procedures were used in the implementation and execution of these new facilities, she said. She lauded the critical role of EQUATE Petrochemical Company in being a role model for Kuwaiti petrochemical industry, as its total net profits since inception in 1995-2009 have reached USD 4.4 billion while employing and developing national human resources. Thus, the company has gained the confidence of all partners to fully run, operate and maintain the entire EQUATE II venture, she added. Mulla Hussain also commended the support of local, regional and international financial institutions in financing such ambitious expansion plans. On his part, Dow's CEO & Chairman Andrew Liveris said that Greater EQUATE - this joint venture between Dow Chemical Company and PIC of Kuwait - is yet another example of the strong bonds that join us together as we work to build a better business and build better lives. For 15 years, both companies have partnered together to create six joint ventures representing 25 separate legal entities around the world, he added. "Since the early 1990s, we have worked together to establish one successful joint venture after another, each of which has generated economic development and prosperity and has helped establish the State of Kuwait as one of the leading petrochemical producers in the world, all while setting some of the highest standards for environmental responsibility," he said. Following the event, EQUATE President & CEO Hamad Al-Terkait addressed EQUATE employees by saying "EQUATE and its success has dominated the media and all your excellent performance has been highly appraised by audience. Be Proud of your achievements. " Al-Terkait added "EQUATE II Inauguration Ceremony was a well organized program. The EQUATERs once again proved that we can raise to the occasion and accomplish our tasks despite the short period of time we had for preparation and the bad weather condition on the day of the event, we made it - safe and on time!" Al-Terkait noted "I would like to congratulate Mohammad Al-Benali and his team who worked for the success of this event. Our VIP guests, stake holder representatives and most importantly our customers and partners in business, every one attended expressed their happiness and praised your organizational skills." Al-Terkait concluded "On behalf of EMT, I appreciate your attention to detail and your relentless determination to complete the task on your hand. Proud of you!"