Equate reports US$769 mln net profit in 2007

19-Mar-08
Equate Petrochemical Company ‘s 2007 net profits reached US$769 million – a 36% hike over the previous year’s net income after tax. EQUATE has called 2007 “The Year of Achievements” as it had accomplished a number of landmarks, such as meeting its limit of Environment, Health and Safety (EH&S) targets and achieving 9 Million Safe Man-Hours without accidents, which were a result of implementing sound initiatives related to industrial safety and the commitment of the company’s employees to safe-work guidelines, he explained. The company has produced over 1 mln tons of polyethylene and ethylene glycol in 2007 while the value of sales reached $1.2 billion, a 4% increase when compared with 2006. Considered one of the world’s leading companies in producing polyethylene and ethylene glycol, EQUATE was established in 1995 as a joint venture between Petrochemical Industries Company (PIC) and The Dow Chemical Company with each having a 42.5% share in EQUATE, as well as Boubyan Petrochemicals Company and Qurain Petrochemical Industries Company which have a 9% and 6% stakes respectively in EQUATE. It commenced production in 1997 and currently provides markets in the Middle East, Asia, Africa and Europe with high quality petrochemical products at competitive rates.
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