Kuwait's EQUATE net profit up 14% to $1.25bn amid strong demand

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).
By: Nurluqman Suratman

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