Equate profit jumps 20pc to USD1.05bn

(oilandgasnewsworldwide) -- Kuwait’s Equate Petrochemical Company has announced a net profit of USD1.05 billion for the fiscal year ending December 31, 2011, a 20% increase over what was achieved in 2010.

Following its board and general assembly meetings held in Kuwait, Equate president and CEO Hamad Al Terkait said: "These profits were realised due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand."

Al Terkait noted that for the first time in Equate’s history, sales value in 2011 exceeded USD2.5 billion as a result of the overall organisational efficiency at Equate.

Meanwhile, Equate’s board appreciated Al Terkait’s leadership that brought in outstanding global success at all levels since 2001. It also expressed best wishes to Mohammad Husain who will succeed Al Terkait as Equate CEO during April 2012.

Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).

Equate, which commenced production in 1997, is the operator of a fully integrated world-scale manufacturing facility producing over 5 million tonnes annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.

The Kuwait Styrene Company (TKSC), part of Equate, had also announced a net profit of USD99 million for the fiscal year ending December 31, 2011, in comparison with USD81 million in 2010.