EQUATE and TKOC announce Q1-10 combined profits at US$222 million

03-Jun-10

EQUATE Petrochemical Company and The Kuwait Olefins Company (TKOC) have announced that their combined profits for the first quarter of 2010 reached US$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, adding that such results were realized due to the petrochemical market’s noticeable positive performance and the company’s distinguished performance. He noted 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).