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Filed Under (News) by admin on January-23-2020

First food-grade PET (polyethylene terephthalate) made with 25 per cent chemically recycled plastic

Kuwait, January 23, 2020 – Leaping forward with a breakthrough innovation to help address the global need for the increased use of chemically recycled PET; the EQUATE Group today announced the production of the first successful batch of Viridis 25. Viridis 25 is a new food-grade polyethylene terephthalate (PET) by Equipolymers (EQP), which uses up to 25% chemically recycled PET as feedstock, significantly reducing the need for virgin PET, thereby helping close the loop in the circular economy.

As part of their sustainability strategy, EQP started this innovative project in 2009 to make use of more recycled PET, the basis of most plastic beverage bottles. They began with Viridis 10, a PET grade containing up to 10% recycled PET, but, in 2016, EQP advanced to the V25 project in collaboration with a major brand owner to increase the amount of recycled material in its PET.

“We continue to progress in our journey to lower our carbon footprint with world class manufacturing facilities and producing a 25 per cent chemically recycled PET is a significant milestone,” said Naser Aldousari, Senior Vice President at the EQUATE Group. “It was a collaborative effort between the petrochemical and commercial business communities, and as a result Viridis 25 will have far-reaching environmental, social and business benefits.”

Viridis 25 is now available in the market through the EQUATE Group’s subsidiary EQUIPOLYMERS and will primarily target the European market.

Muayad Al-Faresi, Global Business Director, PET at EQP said, “There is strong demand for PET bottles, and our mission is to provide a sustainable product that meets quality of life and public health needs. Chemical recycling technology has opened new horizons for the plastic industry, enabling us to address the increasing environmental impact and waste concerns in a sensible and sustainable way. EQP has tapped into this opportunity, making it a focus area to foster future innovation.”

 

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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.



Filed Under (News) by admin on December-5-2019

Kuwait, December 04, 2019: EQUATE Group, a global producer of petrochemicals and the world’s second largest producer of Ethylene Glycol, continues to sponsor the Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) in its 14th year, supporting discussions in this year’s edition on strategies that chemical companies should adopt to navigate through new market complexities and maintain profitability and commitment to stakeholders.

The Forum takes place in Dubai from December 3 to 5, gathering more than 2,100 international chemical executives under the theme of ‘Winning through strategic partnerships’.

Speaking of EQUATE’s participation, Senior Vice President, Naser Al-Dousari, said: “Today’s dynamics are a challenge to our markets. Capturing the opportunities and mitigating the risks is key for companies operating in global markets. GPCA has created forums aimed at enabling strategies focused on sustainable growth, efficiency, productivity and safety, as well as meeting the growing demand for petrochemical products.”

“At EQUATE, we are working towards a sustainable position that enables us to deliver to our stakeholders. We have recently inaugurated the new MEGlobal Oyster Creek site in Texas, USA, which meets the most advanced standards of operations and quality products to support growing demand for ethylene glycol while maintaining efficiency.”

A founding member of GPCA, EQUATE has supported GPCA since 2006 to create a platform for both global and regional producers to discuss and debate key challenges and opportunities, make new business connections and renew existing relationships from the Middle East and beyond.

The Company is also sponsoring a group of students from the College of Engineering and Petroleum at Kuwait University to enable them to take part of GPCA’s special program ‘Leaders of Tomorrow’. The program provides a platform for students to engage in science, technology, engineering and mathematics (STEM) subjects, and to learn and connect with leading industry experts at GPCA’s networking events.

The sponsorship comes as part of EQUATE’s investments in inspiring and empowering the younger generations to join the industry and support its development. EQUATE has an ongoing Memorandum of Understanding with Kuwait University to partner and collaborate in industrial and academic fields.

 

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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 .



Filed Under (News) by admin on November-27-2019

Kuwait, November 27, 2019 Kuwait Petroleum Company (KPC) & Subsidiaries and EQUATE announced today that they will inaugurate the Kuwait 4th Industrial Automation and Control Systems (KIACS) Conference 2019, which will be held at Maha Ballroom- the Regency Hotel, on December 1st and 2nd, 2019. The conference will gather experts in the oil and gas, technology and other industries to showcase the latest advancements made in the field of cyber security in response to evolving threats on industrial control systems.

The conference will be hosted under the Patronage of Minister of Oil and Minister of Electricity and Water. KIACS 2019 focuses on the progressive approach in detecting and eradicating increasingly sophisticated and complex cyber-attacks against the industry.

Commenting on the upcoming conference and its objectives, the head of IT Steering Committee in the K-Companies and Kuwait National Petroleum Company Deputy CEO for Projects, Mr. Abdulla Fahhad Al-Ajmi, said: “We reaffirm our commitment to addressing challenges to our cyber security and the solutions that aim to protect our industry. At this unique conference, we shall discuss how to face those threats to the control systems.”

For his part, Vice President for Technical Services at EQUATE, Nawaf Al-Khaledi, commented: “We are pleased to contribute to addressing the challenges at every level of industrial control systems and to share experiences. This will help develop the necessary governance and compliance measures required to counter these challenges. We look forward to host speakers from across the globe and sectors to join efforts in safeguarding the overall sustainability.”

KIACS 2019 Conference is sponsored by the Kuwait Foundation for the Advancement of Sciences (KFAS), Fortinet, Schneider Electric, Oracle, Honeywell, Thales and Kuwait University.

Over 1,800 individuals will be attending the Conference, including 20 global and local experts who will be drawing attention to the latest advancements made in the field of cyber security in response to evolving threats on industrial control systems.

 

About KIACS Cyber Security Conference

Kuwait hosts the 4th issue of Kuwait Industrial Automation and Control Systems Cyber Security Conference (KIACS). It is the first of its kind in Kuwait. It addresses the cyber security threats and cyber crisis in Industrial Control Systems (ICS) for oil, gas, petrochemical and power plants. Organized and hosted by Kuwait Petroleum Corporation (KPC), its subsidiaries and EQUATE Group, the key objective of the event is to share experience, leverage knowledge and impart awareness among the industrial communities in Kuwait, neighboring Gulf countries as well as relevant international parties.

 



Filed Under (News) by admin on November-10-2019

The EQUATE Group today announced its pride for the second invention by an employee to be patented internationally by the U.S. Patent Office. Nabeel Al-Kandari, Electrical Discipline Activity Specialist at EQUATE, invented an anode assembly that creates a cathodic protection to protect offshore steel platforms from corrosion on the long-term.

The invention was made possible thanks to the cooperation between the Company, the Kuwait Foundation for the Advancement of Sciences (KFAS) and the Sabah Al-Ahmad Center for Giftedness and Creativity (SACGC). The milestone is a new contribution to the advancement of Kuwait’s Global Innovation Index.

EQUATE Vice President for Technical Services, Nawaf Al-Khaledi, said: “We are very proud at EQUATE to have enabled an environment of innovation and advancement which foster our talented human capital, and we always aim to advance the standards of environment, health, safety and security in our organization as well as the industry at large.”

Nawaf added: “On behalf of everyone, I extend our congratulations on the new invention to Nabeel Al-Kandari and every EQUATER who contributes to our success.”

Speaking of this invention, Nabeel Al-Kandari said: “The assembly implements safety procedures, and takes into consideration cost control and maintenance. The invention will enable EQUATE to reduce maintenance time from 400 hours to 2 hours only”.

This is the second invention by an employee at EQUATE to be patented internationally. The first invention was by Saheem Al-Hajery, who was a Senior Discipline Activity Specialist at EQUATE before he retired, and was patented in 2017.

 

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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 .



Filed Under (News) by admin on October-29-2019

KUWAIT, October 29, 2019 — The EQUATE Group, a global producer of petrochemicals, today announced its Q3 2019 unaudited earnings, reporting $264 million in EBITDA, a 52% decrease from $547 million in Q3 2018, and $811 million in revenue, a 35% decrease from $1,247 million in Q3. Net income after tax stood at $143 million in Q3 2019, a 65% decrease from $406 million in the same period last year.

Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “We continue to see steady demand in the market but are experiencing compressed margins due to uncertainty related to tariffs notably in Asia. EQUATE’s lowest cost position at all of its assets across the globe allows us to continue to run at maximum rates.

He added: “We are very pleased to announce the startup of the MEGlobal Oyster Creek, TX site in October, 2019, ahead of schedule and in line with budgets, once again demonstrating EQUATE’s operational excellence and ability to deliver on its commitments to customers and shareholders.”

ABOUT THE EQUATE GROUP
The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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 unaudited 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.



Filed Under (News) by admin on October-15-2019

Kuwait, October 15, 2019: EQUATE Group, a global producer of petrochemicals and the world’s second largest producer of Ethylene Glycol, today announced its sponsorship of the Kuwait Oil & Gas Show and Conference (KOGS) 2019, supporting the objectives of the conference in a knowledge-sharing platform that gathers leaders and organizations across the oil and gas value chain to contribute to the advancement of the industry.

KOGS is held under the patronage of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Prime Minister of the State of Kuwait from October 13 to 16.

Speaking of the Company’s support to industry conference, EQUATE’s Senior Vice President, Naser Al-Dousari, said: “We believe in the importance of sharing knowledge and expertise amongst industry peers to positively contribute together in its growth on the long term. At EQUATE, we ensure we’re part of these strategic opportunities, including KOGS which is a unique platform for the public sector, led by Kuwait Petroleum Corporation (KPC) and its subsidiaries, and the private sector to engage and share the latest solutions and advancements to industry challenges.”

The parallel 4-day multi-disciplinary conference program focuses on science and engineering factors facing those working in Kuwait and the region, a unique business platform showcasing services, products and expertise to over 6,000 oil & gas energy professionals across the value chain.

“EQUATE’s support of KOGS and its objectives this year comes as a continuation to its partnership with local and international organizations and associations in an aim to drive innovation and bring technical solutions to the challenges of the industry and the markets it serves.” Said EQUATE’s Vice President Technical Services, Nawaf Al-Khaledi.

 

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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



Filed Under (News) by admin on October-14-2019

OYSTER CREEK, TX, USA – Today the EQUATE Group is proud to announce the official start-up of the MEGlobal Oyster Creek Site’s commercial production of fiber-grade, on-spec monoethylene glycol. The plant has a nameplate capacity of 750,000 metric-tons-annually (MTa) of ethylene glycol and access to shipping routes to customers around the world.

The new plant will be operated by MEGlobal Americas Inc., a subsidiary of EQUATE Petrochemical Company and is the Group’s first manufacturing facility in the United States. It will produce monoethylene and diethylene glycol, products used in a number of market applications including polyester fibers, polyethylene terephthalate (PET) bottles and packaging, antifreeze and coolants, paints, resins, deicing fluids, heat transfer fluids and construction materials.

Dr. Ramesh Ramachandran, President and CEO of EQUATE, said: “The successful execution of this project demonstrates EQUATE’s ability to leverage its best-in-class practices across the globe. From safety to schedule to cost control,  the MEGlobal Oyster Creek Site epitomizes our commitment to operational excellence and efficiency in order to serve the growing customer need for EG across the globe.”

The new facility is the first major investment by a Kuwait-based company on the U.S. Gulf Coast. It built on  the longstanding relationship between Kuwaiti partner, Petrochemical Industries Company in Kuwait (PIC) and U.S. partner, Dow Inc. (NYSE: DOW), a relationship that was forged during the liberation of Kuwait. That relationship led to the formation of the EQUATE Petrochemical Company, a joint venture between Dow and PIC (42.5% ownership each) as well as Boubyan Petrochemicals Co. K.S.C. (BPC) with 9% ownership and Qurain Petrochemical Industries Co. (QPIC) with 6% ownership.”

EQUATE’s Executive Vice President, Naser Al-Dousari, said, “The new Oyster Creek MEGlobal plant is an expansion of the Company’s ethylene glycol business in order to meet fast-growing global demand. It greatly enhances our global presence and falls under our continuous plans to maximize value as a leading ethylene glycol producer and supplier.”

The MEGlobal Oyster Creek plant is leveraging the U.S. shale gas advantage by utilizing ethylene from the Dow Oyster Creek facility. The site has also licensed Dow’s METEOR™ technology for its processes.

The project achieved several milestones in its construction, including more than 3.5 million consecutive safe work hours. It created 55 new full-time and 25-35 contract jobs. It employed almost 2,000 construction workers during project’s peak and will contribute approximately $24 million per year to the local economy.

 

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer 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 .

 

About MEGlobal

MEGlobal is a global leader in the manufacture and marketing of ethylene glycol (EG). With a worldwide network, MEGlobal markets its products throughout Asia, the Americas, Europe and the Middle East. MEGlobal embraces the principles of Responsible Care®, focusing on the safety of employees, neighbors, communities and the environment in every aspect of its operations. As a subsidiary of EQUATE Petrochemical Company, MEGlobal is part of the EQUATE Group which is the world’s second largest producer of EG. Visit www.meglobal.biz for more information.



Filed Under (News) by admin on September-9-2019

OYSTER CREEK, TX, USA – Today the EQUATE Group is proud to announce the inauguration of its new MEGlobal Oyster Creek site in Oyster Creek, Texas, USA. The momentous occasion was celebrated with a ribbon cutting ceremony on site, attended by EQUATE shareholders and management.

The world-scale, 750,000 metric-tons-annually (mta) ethylene glycol (EG) manufacturing facility is part of EQUATE’s wholly-owned subsidiary, MEGlobal Americas Inc. (MEGlobal.) It will produce monoethylene and diethylene glycol, products used in a number of market applications including polyester fibers, polyethylene terephthalate (PET) bottles and packaging, antifreeze and coolants, paints, resins, deicing fluids, heat transfer fluids and construction materials.

“This is a major achievement for the EQUATE Group and will benefit both Kuwait and the U.S.,” said EQUATE President and CEO Dr. Ramesh Ramachandran. “With a growing global market for EG products, it will provide us with greater flexibility to satisfy our customers’ needs while capitalizing on the U.S. shale gas opportunity. This site builds on our global footprint and is part of our strategy to grow our value-added business as a leading ethylene glycol producer and supplier.”

Ramachandran noted the site builds on the longstanding relationship between its Kuwaiti partner, Petrochemical Industries Company in Kuwait (PIC) and the U.S. partner, Dow Inc. (NYSE: DOW), a relationship that was forged during the liberation of Kuwait. It led to the formation of the EQUATE Petrochemical Company, a joint venture between Dow and PIC (42.5% each ownership) as well as Boubyan Petrochemicals Co. K.S.C. (BPC) with 9% ownership and Qurain Petrochemical Industries Co. (QPIC) with 6% ownership.

“The EQUATE Group began with large investments in Kuwait and now comes full circle with the investment in Texas. Our ability to leverage the project execution and operational excellence expertise of Dow allowed us to deliver the project on time and on budget which is a remarkable accomplishment,” Ramachandran said.

The project achieved several milestones in its construction, including more than three million consecutive safe work hours.

EQUATE Executive Vice President Naser Al-Dousari added, “This is an important milestone in EQUATE history, adding manufacturing capacity on the U.S. Gulf Coast to satisfy customer needs in the region. EQUATE’s glycol footprint in the Americas is as large as that in Kuwait. The community in Texas has been very welcoming to this investment and we look forward to being a part of this region.”

The site created 55 new full-time long-term jobs and 25-35 contract jobs. It employed almost 2,000 construction workers at peak.

Commercial quantities of finished product are expected to begin shipping by November 2019.

 

ABOUT THE EQUATE GROUP

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.

 

About MEGlobal

MEGlobal is a global leader in the manufacture and marketing of ethylene glycol (EG). With a worldwide network, MEGlobal markets its products throughout Asia, the Americas, Europe and the Middle East. MEGlobal embraces the principles of Responsible Care®, focusing on the safety of employees, neighbors, communities and the environment in every aspect of its operations. As a subsidiary of EQUATE Petrochemical Company (EQUATE), MEGlobal is part of the EQUATE Group which is the world’s second largest producer of EG. Visit www.meglobal.biz for more information.

 



Filed Under (News) by admin on September-6-2019

LAKE JACKSON — Brazosport College is pleased to recognize the contributions of MEGlobal to the Brazosport College Foundation with the dedication of the MEGlobal Student Pavilion building at Brazosport College.

The facility was dedicated during a sign unveiling at the College on Sept. 6. A number of noted dignitaries were on hand for the unveiling, including Brazosport College President Dr. Millicent Valek, CEO and President of EQUATE Petrochemical Company Dr. Ramesh Ramachandran, members of the Brazosport College Board of Regents, Foundation Board of Directors, BISD educational partners, the EQUATE Group’s Global Leadership Team and the MEGlobal Leadership Team.

Since becoming part of the Brazosport community in 2015, MEGlobal Americas Inc. (MEGlobal) has been a tremendous partner for the Brazosport College Foundation, supporting the programs, facilities and students at Brazosport College.

In December 2018, in a move designed to help continue building the workforce of tomorrow and support the educational dreams of local students, MEGlobal made a $1 million investment in the Brazosport College Foundation for student scholarships.

This investment established the COLLEGE NOW Endowment, which will provide dual-credit scholarship funds for Brazosport ISD students attending Brazosport College, beginning in 2020.

“MEGlobal understands the many barriers students face while pursuing a college degree or certificate and this generous gift will provide a sustainable stream of scholarship funds for perpetuity, while allowing an opportunity and the ability for the endowment to grow,” Dr. Valek said. “In honor of their generosity, I am pleased to announce that MEGlobal is naming a prominent building on our campus.”

Opened in 2011, the 27,492-square-foot MEGlobal Student Pavilion is a “living room space” for student programs and organizations. The building is also home to a variety of departments within the College, including Student Services, Office of Student Life, Bachelor of Applied Technology, Ace It, Marketing and Communications, Peer Recruiters and the Java Hut snack and coffee bar.

“Our company is proof that when you bring different cultures, countries and perspectives together, you build a model for the future,” said Dr. Ramesh Ramachandran, CEO and President of EQUATE Group “We also know that Brazosport College is a pioneer in building a workforce for the future needs of Texas and the world, and so we are incredibly proud to have our name associated with this facility.”

 

The Sept. 6 sign unveiling and dedication was hosted by MEGlobal, Brazosport College, and the Brazoria County Council of Chambers.

For more information about the MEGlobal Student Pavilion at Brazosport College or the COLLEGE NOW Endowment, call the BC Foundation at (979) 230-3163.



Filed Under (News) by admin on July-30-2019

Kuwait, July 30, 2019 — The EQUATE Group, a global producer of petrochemicals, today announced its Q2 2019 unaudited earnings, reporting $231 million in EBITDA, a 59% decrease from $570 million in Q2 2018, and $822 million in revenue, a 35% decrease from $1,264 million in Q2 2018.  Net income after tax stood at $126 million in Q2 2019, a 71% decrease from $427 million in the same period last year.

Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “Our earnings have been affected by a sudden and strong decrease in ethylene glycol prices, driven by a continued uncertainty of tariffs, volatility in global markets as well as some new capacity that came on line. However, EQUATE’s assets across the globe are all based on ethane feedstock, providing us with a competitive advantage. EQUATE will continue to maintain focus on safety and operational excellence as this challenging pricing environment continues.”

 

ABOUT THE EQUATE GROUP

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.

 

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on unaudited 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.

 



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