Date(s) - 15 July 2018
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Kuwait – 15 July 2018: Integrated financial systems have earned EQUATE Petrochemicals Company, a global producer of petrochemicals, the award for “Best in Class Treasury Solution in the Middle East” at the Adam Smith Awards 2018 organized by Treasury Today.
Through the efforts of EQUATE’s treasury, the world’s second largest producer of ethylene glycol went from managing its treasury using basic tools to developing and devising its own state-of-the-art treasury solution with scalable and integration capabilities.
EQUATE’s CFO Dawood Al-Abduljalil, said: “Our treasury transformation, progress and development is per global best practices as an independent capable organization. This treasury transformation will strengthen the EQUATE Group’s financial performance as a holistic petrochemical enterprise with presence in various parts of the world. We look forward to continue our growth and advancement in all relevant fields as part of the Group’s continuous achievements.”
During a ceremony in London, the award was received by EQUATE’s Treasury Specialist, Nayef Al-Smairi.
The solution enables the Group to centrally manage all global bank accounts, trade with banks, submit payments, in addition to empowering it with more governance and control. Furthermore, this strategic solution integrates the treasuries of the EQUATE Group, including MEGlobal’s subsidiaries. EQUATE developed the solution in partnership with a number of banks and other financial organizations, including SWIFT, FIS, 360T, Serrala, Accenture, Zanders, Citi Bank, and Deutsche Bank.
The EQUATE Group* is a global producer of petrochemicals and the world’s second largest producer of Ethylene Glycol (EG). The Group has industrial complexes in Kuwait, North America and Europe that annually produce over 5 million tons of Ethylene, EG, Polyethylene (PE) and Polyethylene Terephthalate (PET). The products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders include Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). The Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. www.equate.com
* The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), its subsidiaries and The Kuwait Olefins Company (TKOC).