Date/Time
Date(s) - 02 June 2010
12:00 am

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Kuwait, June 2, 2010 — EQUATE Petrochemical Company and The Kuwait Olefins Company (TKOC) announced today that their combined profits for the first quarter of 2010 reached USD 222 million.

Commenting on this matter, EQUATE CFO Abdulkarim Mubarak said such results were ratified by the board of directors during a meeting held earlier in June.

Mubarak added that such results were realized due to the petrochemical market’s noticeable positive performance and the company’s distinguished performance, noting that the board has lauded EQUATE’s environment, health and safety (EH&S) performance as it has recently won, for the second consecutive year,  the Gold Award from the American Society of Safety Engineers (ASSE) for GCC’s private sector companies.

During 2010, the plants were operated at their full production capacity for the first time since startup. All plants were officially inaugurated by His Highness the Amir of Kuwait in conjunction with Kuwait’s celebration of National and Liberation Days.

EQUATE Petrochemical Company is the single operator of Greater EQUATE, which includes TKOC, Kuwait Paraxylene Production Company (KPPC), The Kuwait Styrene Company (TKSC).