Date(s) - 17 October 2011
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Kuwait – October 17 – 2011 — EQUATE Petrochemical Company said the Middle East has exported over 29 million metric tons (MT) of petrochemicals during 2010.
On the occasion of EQUATE’s sponsorship of Gulf Petrochemicals and Chemicals Association (GPCA) Third Supply Chain Conference in Abu Dhabi, EQUATE President & CEO Hamad Al-Terkait said, “Such exports have increased from only 10 million MT in, 1999 which is an increase of over 250% in just 11 years with an average annual growth of exports by 5%.”
Al-Terkait noted a number of challenges facing Gulf exports, such as port congestions, inadequate infrastructure, instability of market conditions and geographical location. Al-Terkait explained that despite all these challenges, the Gulf’s international exports continue to increase.
Al-Terkait said that EQUATE’s total exports are exceeding 2 million tons of liquid and solid material with a total transaction value exceeding USD 2 billion and it utilizes services of more than 10 supply chain companies to deliver EQUATE’s products to various customers in the Middle East, Asia, Africa and Europe.
He noted that despite all challenges, EQUATE’s products represent more than 80% of Kuwait’s non-oil exports.
In addition to leading EQUATE, Al-Terkait is the Vice Chairman of GPCA Board and heads it Supply Chain Committee. EQUATE is one of GPCA’s main founders.
Sponsored by EQUATE, the GPCA Supply Third Chain Conference is taking place in Abu Dhabi, the UAE, from October 18-20 with the attendance of several senior officials from supply chain and petrochemical companies discussing various relevant affairs.
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.