Kuwait’s EQUATE Petrochemical Company has announced 2008 net profits of $683 million, down on budget, while sales increased.
Total sales for 2008 reached more than $1.2 billion, a five percent increase on the previous year despite the petrochemical industry taking a hit in the ongoing global slowdown.
EQUATE’s president and CEO Hamad Al-Terkait said: “The petrochemical market’s drop did not hit the company largely in 2008 and we successfully managed to overcome all challenges.
He added that the company was still fully committed to its expansion programme – Greater EQUATE.
“We expect all remaining units to be up and commissioned during 2009 and will make EQUATE the single operator of the assets that are expected to produce over five million tonnes per year of high quality petrochemicals,” he said.
While he cautioned that 2009 “will hold many challenges”, he added that the company had implemented strategic cost cutting programmes “without affecting people development or remuneration”.
EQUATE was established in 1995 and is a joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemicals Company and Qurain Petrochemical Industries Company.
It currently provides markets in the Middle East, Asia, Africa and Europe with petrochemical products.
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