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CEO's
Quarterly Message
5th March 2008
Once again, I welcome you to the corporate website of EQUATE Petrochemical Company.
EQUATE recently celebrated its 10th year anniversary with great joy and pride. Within a short span of 10 years, EQUATE emerged as a world class Company in terms of its business practices, production and in quality of its people and management.
Looking back at 2007, company’s overall performance was excellent. The organization accomplished 100% of its performance targets and some even exceeded target. Our safety record for the year was extremely satisfactory. Despite all constraints, our plant units produced 97% of plan and our sales team sold all what we produced. Thus, thanks to the excellent market situation, the net profits we earned for our shareholders were 48% more than plan.
Our strong commitment to customers, employees, shareholders and the community we serve, which is imbibed in our corporate social responsible program, earned great recognition for EQUATE. It is noteworthy to mention that EQUATE Petrochemical Company has won the prize of His Highness the Amir of Kuwait for the Best Plant in the State of Kuwait for the year 2007.
In the year, EQUATE also secured the first Corporate Social Responsibility (CSR) award in Kuwait for its contribution to the community through various social responsible projects and public awareness programs.
Our leadership contribution to Gulf Petrochemical Association (GPCA) continues. In the global scenario, for the second consecutive year EQUATE CEO was nominated as one of the world’s most influential business leader in petrochemical industry according to a survey conducted by ICIS publications. It is my belief that the recognition of this kind is not individual but goes to EQUATE leaders and people who made this company great.
The year 2008 will be more challenging for EQUATE. As the preparations for Olefins II projects are going on in full swing at EQUATE plant sites, our employees are getting ready to start up and operate the new plants that are currently being erected in the site. The increase in raw material and feed costs are additional challenges for us, which we are optimistic to overcome by strict discipline of company management and leaders.
Our achievements and profitability is a result of efforts and high professionalism of all personnel employed by the company. Therefore, we look forward to the future with confidence!
Sincerely,
Hamad Al Terkait,
President and CEO
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