Date(s) - 05 February 2011
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Kuwait – February 5- 2011 – EQUATE Petrochemical Company announced a net profit of USD 880 million for the fiscal year ending December 31st, 2010, which is a 73% increase over what was achieved in 2009.
On this occasion, EQUATE President & CEO Hamad Al-Terkait said, “These profits were realized due to high efficiency in operating all production units, as well as the global rise in prices of petrochemical products, despite gas feedstock limitations facing the company’s plants.”
Al-Terkait noted, “For the first time in EQUATE’s history, sales value in 2010 has exceeded USD 2 billion which is a result of operating all production units and exporting products.”
Al-Terkait added, “EQUATE Board of Directors will hold a meeting during March 2011 to endorse the financial results, which will be followed by the general assembly.”
Al-Terkait explained, “This astounding success stems from the combined efforts of EQUATE employees who work as a unified team, as well as the unwavering support from our strategic partners and board members.”
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.