03 March 2014 02:25 [Source: ICIS news]
SINGAPORE (ICIS)--EQUATE’s net profit for 2013 rose by 14% year on year to a record $1.25bn, spurred by strong global demand for petrochemical products, the Kuwait-based producer said over the weekend.
“For the first time in EQUATE’s history, overall sales value exceeded $2.88bn,” the producer said in a statement on 1 March.
The company did not provide additional details of its full-year results.
The company launched a polyethylene (PE) plant debottlenecking project last year to increase its current capacity of 825,000 tonnes/year. The project is expected to be completed in 2015.EQUATE is an international joint venture between Petrochemical Industries Co (PIC), Dow, Boubyan Petrochemical Co (BPC) and Qurain Petrochemical Industries Co (QPIC).
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