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CEO's
Message
31 December 2008
Dear All,
The year 2008 was a challenging but a successful period for EQUATE. EQUATE was able to deliver solid results despite the year being one of the most challenging years in recent memory.
The year was challenging because we had to sustain our World Class growth in production, sales and profits which EQUATER realized throughout a decade of operation. We had to maintain our strict operating and strategic discipline to sustain our safety records with a multitude of increase in workforce within our plant site. We also had to stretch ourselves to meet start-up deadlines of new expansion units. Towards the last quarter of the year along with rest of the business world, we also faced the implications of the global financial downturn.
Yet, we were successful in meeting these challenges. We have achieved most of our objectives set for the year. Our performance reflected the capabilities of people throughout this excellent organization. On behalf of EQUATE’s Board of Directors and Management Team, I would like to acknowledge the tremendous efforts of each and every EQUATER towards achieving our goals over the past year.
Our safety record is in its peak by surpassing a new record of 15 Million safe work hours by December and driving for an optimum low Recordable Injury Rate versus annual metric target, which was a rare industrial record. Excellent Result!
Our production exceeded over 1.1 Million tons of polyethylene and ethylene glycol, which is more than previous years. This was accomplished despite a number of challenges. Moreover, 2008 witnessed the safe launch of commercial operations at the new Ethylene Glycol and Ethylene Units at Olefins II project, EQUATE’s production capacity has almost doubled. Remaining projects, such as styrene and Aromatics, are on the way. Such projects will continue to test our capabilities in coming years.
The last quarter of the 2008 was the most difficult as global recession had hit businesses and markets. The acceleration of the global financial crisis since mid-September has led to a steep fall in sales and product prices in every business in the world. We were not too far; it affected our sales and net profit to an extent.
Coming ahead is a more challenging year for EQUATE in terms of sustaining our competitive advantages and enhancing our success story under tough market conditions.
In conclusion, on behalf of EQUATE Management Team (EMT), I would like assure all our employees that our commitment to focus on people development shall continue in 2009. We have no plan to layoff our employees, as EQUATE is a lean organization.
In addition, as always, I request all of you to be vigilant on safety. And, collectively all our people, supporting departments, our contractors and partners in business should come forward and work together to make the new year favourable to us.
I also take this opportunity to thank our Board of Directors for being very supportive to make EQUATE the region’s best workplace.
Myself and the rest of EMT members wish all of you a happy and prosperous new year. Be safe and stay motivated.
Yours sincerely,
Hamad Al Terkait,
President and CEO
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