Kuwait's EQUATE 2008 net profits fall 11%

09 March 2009 03:49  [Source: ICIS news]

SINGAPORE (ICIS news)--Kuwait’s EQUATE Petrochemicals reported an 11% decline in its 2008 net profits to $683m (€540m) largely due to the decline in chemical prices, the company said in a statement on Sunday.

The quarterly break-down of the company’s financial results last year was not available.

Full-year sales rose 5% to $1.21bn, said president and chief executive officer, Hamad Al-Terkait.

“EQUATE closed the year with no outstanding debt or uncollected proceeds from customers,” he added.

The company expects 2009 to “hold many challenges which require further professionalism and proper planning.”

“Under such circumstances, the company has implemented strategic cost cutting programs without affecting people development or remuneration,” it added.

Despite the challenges, EQUATE hopes to complete and commission all its ongoing projects to be completed and commissioned in the current year.

EQUATE had earlier announced a fourth delay in the expansion of its polyethylene (PE) facility in Shuaiba, Kuwait to the third quarter of 2009.

The capacity of its high density PE (HDPE) /linear low density PE (LLDPE) swing plant in Shuaiba would be raised 50% to 900,000 tonnes/year under the plan.

Equate is a joint venture between Kuwait's Petrochemical Industries Co (PIC) and US chemicals major Dow Chemical, with each owning a 42.5% stake.

($1 = €0.79)

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By: Bohan Loh
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