Regions :: Middle East
Equate Reports Big Increase in Profits, Confirms Husain as New CEO
4:45 AM MST | March 1, 2012 | Natasha Alperowicz
Equate (Sefat, Kuwait), a joint venture in which Petrochemical Industries Co. (PIC) and Dow Chemical each hold 42.5%, Boubyan Petrochemical Co. 9% and Qurain Petrochemical Industries 6%, reported a 20% increase in net profits to $1.05 billion in 2011. Sales exceed $2.5 billion. “These profits were realized due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand,” says Hamad Al Terkait, president and CEO of Equate. Equate, meanwhile, has...
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