Equate Petrochemical Co (Kuwait), a company co-owned by Dow Chemical (42.5%), Petrochemical Industries Co (42.5%), Bubiyan Petrochemical Company (9%) and Al-Qurain Petrochemicals (6%), have posted US$683 mln net profit for FY 2008 as against US$769 mln for FY 2007. The company's total sales for 2008 reached over US$1.21 bln, a 5% spike over 2007. As per the press release, the net profit declined as a result of the plummeting prices of chemical products in the latter period of 2008. According to Chairman Yousef Al-Ateeqi, 'the profits are extremely positive' despite the current deepening global economic crisis. Owing to the global credit crunch, the company has implemented strategic cost cutting programs without affecting people development or remuneration.
"Other than profits, EQUATE attained more than 92% of its 2008 objectives and secured solid global achievements in various fields, such as realizing over 15 Million Safe Work Hours, as well as launching the commercial operations of the new 600 thousand metric ton Ethylene Glycol Unit and the 850 thousand metric ton Ethylene Unit," explained Al-Ateeqi. Further, the Kuwait-based company is continuing with completing its expansion projects, Greater EQUATE, and expects all remaining units to be up and commissioned during 2009. This will turn EQUATE into single operator of the assets that are expected to produce over 5 mln tpa of high quality petrochemicals. EQAUTE is one of the world's leading companies in producing polyethylene and ethylene glycol established in 1995 and commenced production in 1997. It provides high petrochem products to markets in the Middle East, Asia, Africa and Europe.
09-Mar-09 
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