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Filed Under (News) by Wael Al-Lahou on February-21-2022

KUWAIT, February 21, 2022 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol announced its full-year earnings for 2021 this week, posting an increase in total revenues of 42 percent over 2020 results.

EQUATE Group’s revenues in 2021 totaled U.S.$4.16 billion compared to 2020 revenues of U.S.$2.92 billion.  The Group also reported total EBITDA of U.S.$1.74 billion and net income after tax of U.S.$1.11 billion for 2021, compared to U.S.$945 million and U.S.$358 million, respectively for 2020.

Steadily affirming its global competitive position amid a healthy recovery of global markets in 2021, the Group’s global footprint has enabled reliable and efficient delivery of its quality products to customers worldwide, maintaining its market-leading position.

“EQUATE Group delivered a strong 2021 performance,” said Naser Aldousari, President and CEO of EQUATE Group.  “As a result of the extraordinary efforts from our cross-functional team across the globe, we continue to deliver exceptional safety, production and sales performance. We met each challenge during the year with the resilience and determination to emerge stronger.”

With global disruptions still a reality, EQUATE Group has continued to build on its competitive advantage, propelled by its stakeholders’ continuous support, extensive geographic footprint, ethane-based feedstock supply, cost optimization, and the team capabilities.

EQUATE Group’s leadership position is attracting the industry’s top talent for its key operations across markets and implementing development initiatives to deliver strategic direction and drive results.

                                                                        -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals. 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 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 Wael Al-Lahou on January-9-2022

KUWAIT, December 09, 2021 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, is an official sponsor of the 15th Annual Gulf Petrochemicals & Chemicals Association (GPCA) Forum in Dubai.

The forum addresses the theme “Redefine. Reshape. Reinvent: the chemical industry in a post-pandemic reality” from December 7th to 9th, with the goal of redefining the challenges, reinventing strategies to capitalize on market opportunities, and reshaping a renewed future for the chemical industry.

This year, Naser Aldousari, President and CEO of EQUATE Group, led a panel discussion titled “Beyond the Pandemic – The GCC Perspective to Creating Resilient, Purpose-Driven, and High-Performing Organizations,” in which industry leaders shared their thoughts, knowledge, and insights on developing trends that are shaping the industry, as well as future strategic plans for potential disruptions.

President and CEO Naser Aldousari commented on EQUATE Group’s participation, saying, “The petrochemical industry is a significant contributor to economic diversification and a leading job-creation industry.” The last two years have been turbulent, focusing attention on critical issues such as sustainability, digitalization, and self-sufficiency.”

“As we emerge into a post-pandemic world with new learnings, there is no better time for business leaders to come together to share knowledge and embrace innovation, so that together, we can continue to provide value for our customers, and develop sustainable solutions that adhere to global standards.”

EQUATE Group is also participating in a youth program ‘Leaders of Tomorrow’, where industry stakeholders and youth will collaborate in shaping skills and preparing the future industry leaders with the required skills set.

Speaking at the opening of ‘Leaders of Tomorrow’, Aldousari said: “EQUATE Group is dedicated to inspiring and empowering the younger generations to join the industry and support its development. The youth are society’s most valuable resource, with the ability to contribute to sustainable economic growth.

“The ‘Leaders of Tomorrow’ initiative provides a platform for students and young professionals to engage in science, technology, engineering and mathematics (STEM) subjects; as well as learn and connect with leading industry experts at GPCA’s networking events.”

As one of the founding members of the GPCA, EQUATE Group has been dedicated to supporting the region’s petrochemical and chemical industry through advocacy, networking and thought leadership initiatives that help member companies to connect, share and advance knowledge, contribute to international dialogue, and become prime influencers in shaping the future.

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier 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

Media Enquiries:

Ramzi Alabras

Mojo Public Relations

+971 55 4244 292
ramzi@mojo-me.com



Filed Under (News) by Wael Al-Lahou on August-31-2021

KUWAIT, August 26, 2021 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol announced its earnings for the first half of 2021.

The EQUATE Group reported total revenue of US$2,041 million in H1 2021, compared to US$1,423 million during the same period in 2020. The Group also reported a net income after tax of US$543 million and EBITDA of US$869 million, compared to US$124 million and US$409 million, respectively, during the same period last year.

EQUATE Group’s facilities around the world continue to operate safely and maintain highly reliable production rates despite global challenges. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE, said: “We see strong signs of optimism,  as the world economy recovers from a challenging period, with a positive impact on prices, and a return to normalcy driven by increased global manufacturing and industrial activities”.

“The results illustrate EQUATE’s resilience and adaptability, enabling us to continue supplying customers and markets with high quality products from multiple strategic locations. Reliability is at the cornerstone of our reputation and what our customers have grown accustomed to, this will remain so as we move forward in our business.”

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier 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 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 Wael Al-Lahou on May-17-2021

Company official signatory of environmental global program Operation Clean Sweep.

KUWAIT, May 17, 2021 — As part of its commitment to long-term sustainable development, the EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world, has pledged its allegiance to the international environmental program Operation Clean Sweep (OCS).

Stewarded by the Gulf Petrochemicals and Chemicals Association (GPCA), OCS aims to achieve zero pellets, flake and powder loss into the environment. By signing the pledge, EQUATE must ensure that OCS sustainable best practice requirements are implemented across its facilities in a bid to eliminate accidental loss of pellets during production, handling, storage and transportation from the processing facility to the environment.  

The OCS pledge is a strong example of EQUATE’s continuous drive to shrink its carbon footprint. The company believes that by further strengthening its accidental loss processes, it will not only help protect the environment and save valuable resources, but will also deliver greater added value for a more competitive, resilient plastics industry.

Dr. Abeer Al-Omar, EQUATE Group Sustainability Committee Leader said: “We are dedicated to reducing our impact on the environment, and will continue to develop and implement stringent operational processes that contribute to reducing plastic accidental loss. It is promising to see how as an industry we are working together to make a positive and sustainable impact in everything that we do.”

Since its inception, sustainability measures have been firmly embedded in EQUATE’s organizational culture through EQUATE’s Sustainability Strategy 2025, consisting of 11 initiatives identified under environment, economy, society and health and safety. EQUATE’s sustainability strategy is mapped against the United Nation’s Sustainable Development Goals (SDGs) and aligned with Kuwait’s National Development Plan and Canada’s Federal Sustainable Development Strategy.

Abdul Wahab Al-Shatti, Senior Production Engineer said: “We have created a cross functional team to help ensure we are all working together to achieve zero pellets, flake and powder accidental loss. We are proud of the initiative and look forward to continually enhancing our engagements and efforts in the OCS program”.

The OCS program was first introduced by the American Chemistry Council (ACC) and Plastics Industry Association (PLASTICS) and today it is practiced in over 60 countries and thousands of manufacturing and transportation facilities around the world. For further information about Operation Clean Sweep – please visit: https://www.gpca.org.ae/operation-clean-sweep/

About 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, ethylene glycol (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), 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.

Media Enquiries:

Lara Obeidat

Mojo Public Relations

+971 50 785 3328
lara@mojo-me.com



Filed Under (News) by Wael Al-Lahou on March-28-2021

EQUATE Group Announces Financial Results for 2020

KUWAIT, March 31, 2021 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world announced its Q4 2020 and full-year 2020 earnings this week.

EQUATE announced its fourth quarter 2020 and full-year 2020 earnings. In Q4 2020, the EQUATE Group reported an EBITDA of U.S.$309 million, compared to U.S.$335 million for the same period in 2019. EQUATE Group’s total EBITDA for 2020 stood at U.S.$945 million, compared to U.S.$1,124 million in 2019.  Net Income After Tax for the year was U.S.$358 million, compared to U.S.$638 million in 2019.

Despite global challenges, EQUATE Group’s facilities around the world continued to operate safely and maintain customary production rates. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.

Commenting on the results, Naser Aldousari, President & CEO of  EQUATE, said: “As challenges and headwinds were heightened in 2020 due to the COVID-19 pandemic, the EQUATE Group continued to demonstrate resilience and flexibility in operating safely and successfully through this unusual time.

Additionally, the solid foundational pillars on which the EQUATE Group is built have enabled us to maintain our commitment to customers without jeopardizing the health and safety of our teams as it is always our utmost priority. Looking ahead, we remain focused on enhancing our competitive capabilities with strategic decision making to deliver ongoing value for our 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 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 Wael Al-Lahou on February-7-2021

KUWAIT, February 7, 2021 — As part of its commitment to support Kuwait’s strategic industries, EQUATE Group hosted a delegation from the Public Authority for Industry (PAI) and Kuwait Industries Union (KIU), at its complex in Shuaiba, Kuwait on 1, February. The PAI was headed by General Manager, Mr. Abdulkarim Taqi Abdulkarim, while the KUI’s was headed by Mr. Hussein Al-Kharafi.

EQUATE Group extended the invitation to its strategic partners, as it continues to promote partnership efforts in support of national strategic industries, that contribute to the development and diversification of the economy.

Mr. Naser Aldousari, President and CEO EQUATE Group, said: “We would like to extend our gratitude to the PAI and KIU for their ongoing support and valuable cooperation as together, we continue to enhance the status of Kuwait’s strategic industries – this partnership is a true reflection of our achievements as “Partners in Success”.

Abdulkarim Taqi, PAI General Manager, said: “EQUATE Group’s ongoing contribution towards the diversification of the country’s transformational industries is highly commendable. We will continue to provide the facilities and incentives that are required to support its endeavors, as part of our commitment to developing and advancing the region’s industrial activity.”

Commenting on the success of the partnership, Mr. Hussein Ali Al-Kharafi, Chairman, KIU, said: “EQUATE Group’s contribution to the region’s economic development sets an example for the industry. The partnership between public and private sectors, and foreign investors represents Kuwait’s industrial sector’s high potential, the region’s national technical competencies and the necessary infrastructure required to support these activities.”

 

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 Wael Al-Lahou on January-4-2021

KUWAIT, January 4, 2021 — Equipolymers (EQP), a subsidiary of EQUATE Group has once again achieved a global product innovation with the launch of Viridis 30, a food-grade polyethylene terephthalate (PET) manufactured with 30 percent chemically recycled PET as feedstock.

 

The successful development of Viridis 30 reflects EQUATE Group’s alignment with the European Commission’s ‘Strategy for Plastics in a Circular Economy’. Adopted in January 2018, the strategy aims to transform the way plastic products are designed, used, produced and recycled in the European Union.

 

Viridis 30 is a strong example of EQUATE’s commitment to innovation, and continuous drive to shrink its carbon footprint.  The company believes that designing more and better quality recyclates will not only help close the loop in the circular economy, but deliver greater added value for a more competitive, resilient plastics industry.

 

Sudhir Shenoy, Senior Vice President at EQUATE Group, said: “Operating in a sustainable economy is a critical area of focus for EQUATE Group, and has driven the development of the Viridis 30 innovation – a demonstration of our industry leadership and excellence. This new product adds a new milestone to the successful manufacture of recyclable materials without compromising on quality and contributes to improved economic and environmental performance for our customers.”

 

Viridis 30’s roots go back to 2009, when EQP launched Viridis 10 (with 10% recycled PET) with the support of The Coca Cola Company. Viridis complies with the relevant European Commission’s regulations for food contact plastics, meaning it can be used in beverage bottle production as well as in thermoforming applications. In 2016, EQP and Coca-Cola announced Viridis 25, a PET grade containing 25% recycled PET.

 

Muayad Al Faresi, Global Business Director, PET at EQP said: “Viridis 30 is a significant achievement for EQP and for the petrochemical industry. As global demand increases, the transformation of our industry is necessary to create new products that are more sustainable in the long-term.  The development of Viridis 30 is aligned with the EU’s target to achieve 25% rPET in packaging by 2025, and 30% by 2030. It highlights our commitment towards innovation – this is a breakthrough that will have far reaching environmental, social and business benefits.”

 

Viridis 30 which will be available commercially to the European market from Q1 2021.

 

About 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, ethylene glycol (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), 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.

Media Enquiries:

Zim Ugbana

Mojo Public Relations

+971 52 699  9617
zim@mojo-me.com mailto:Sheri@mojo-me.com

 



Filed Under (News) by Wael Al-Lahou on September-6-2020

KUWAIT, September 6, 2020 — The EQUATE Group today announced its third internationally patented invention – an innovative ‘Mobile Non-Destructive Testing Inspection’ robot that will increase safety, efficiency and quality during maintenance of its facilities.

The robotic solution, successfully patented through the United States Patent & Trademark Office, was invented by a team of EQUATE engineers that included Soud Al-Deweesh, Yousef Al-Haddad, Abdulrahman Al-Mutawaa, Yousef Safar and Abdullah Al-Ruwayeh, in collaboration with the Kuwait Foundation for the Advancement of Sciences (KFAS) and the Sabah Al-Ahmad Center for Giftedness and Creativity (SACGC).

The invention demonstrates EQUATE’s commitment to innovation, and a continuous drive to promote an environment of technological platform for human capital advancement. The new robot enables new levels of access to confined locations during maintenance inspections without human intervention, this means uncompromising safety and efficiency standards across every element of the business.

Nawaf Al-Khaledi, Vice President for Technical Services at EQUATE Group, said: “EQUATE has always encouraged innovation to effectively improve as a global organization. The invention is a measurable improvement in the use of effective technology to support and advance maintenance. This robotic solution will not only keep employees safe, but also improve productivity levels, cost and time efficiencies for our business.

Nawaf added: “On behalf of everyone in the EQUATE Group, I extend our congratulations on the new invention to the team of engineers and every member who played a role in this success.”

EQUATE’s commitment to innovation has been recognized on multiple occasions, including additional internationally patented inventions by EQUATE colleagues Suhaim Al-Hajeri in 2017, and Nabeel Al-Kandari in 2019. The achievements align with Kuwait’s Global Innovation Index – an international framework followed by the country to improve its innovation landscape, and the Kuwait Vision 2035 presented by His Highness the Amir of Kuwait, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah.

 

About 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, ethylene glycol (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), 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.



Filed Under (News) by Wael Al-Lahou on August-31-2020

Kuwait, August 31, 2020 – The EQUATE Group, a global producer of petrochemicals and the second largest producer of ethylene glycol in the world, today announced its second quarter (Q2) 2020 earnings, reporting $159 million in EBITDA – a 31% decrease from $231 million in Q2 2019, and $693 million in revenue, a 16% decrease from $822 million in Q2 2019. Net income after tax stood at $27 million in Q2 2020, a 79% decrease from $126 million in the same period last year.

Despite unpredictable global challenges EQUATE’s facilities around the world continued to operate safely and maintain production rates. The company remains the leading low-cost producer with 100% sellout of all its products globally. This includes EQUATE’s US Gulf Coast plant production, which began operating in October 2019, and is already at 15% above nameplate capacity.

In order to effectively manage debt liability, in Q2 EQUATE completed a $1.6 billion dual tranche issuance and secured $300 million with local banks for a tenor of three years to re-finance $1.9 billion in bank loans.

Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “Despite significant global headwinds, EQUATE EBITDA margins are above 29% of sales due to cost control and our market-leading position across the globe. The company has a well-balanced debt maturity profile, reducing costs and providing stability amidst current market conditions.”

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 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 Wael Al-Lahou on August-11-2020

OYSTER CREEK, TX – The EQUATE Group has added a new global award to its list of accomplishments, as the MEGlobal BookraMEG Oyster Creek Project has been named an Award of Merit winner in the Power/Industrial category of the ENR Best Project Awards of 2020. The world-scale 750,000 metric-ton-per-annum monoethylene (MEG) glycol and di-ethylene glycol facility (DEG) was constructed in Oyster Creek, Texas ahead of schedule, below budget and with an excellent safety record. It was the first time the EQUATE Group constructed a new EG facility in the United States.

EQUATE CEO-elect and Sr. Vice President Naser Al-Dousari credited the project team and ownership for working together to build a world class facility in a region that provides access to plentiful feedstocks and global markets.

“We are truly humbled by this global honor,” he said. “This project demonstrated what can be accomplished when you bring together global petrochemical leadership with a dedicated expert project team. We thank everyone who played a part in delivering the BookraMEG project to EQUATE’s portfolio and strengthening our ability to reach customers around the world.”

The project was co-submitted for award by MEGlobal, Worley (general contractor) and Fluor (construction contractor) and was one of 30 selected from a record number of entries. The submissions were judged by an international panel of industry experts.

“The panel looked at projects in many markets and examined safety performance, innovations, challenges, and design and construction quality – with a special emphasis on the diversity of global project teams and their collaboration,” said Engineering News-Record editor Scott Blair in a news release. “They also considered how the project benefits the local community and/or the construction industry.”

The winners of ENR’s Global Best Project Awards will be celebrated at a virtual ceremony in September.

About 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, ethylene glycol (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.



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