Petrochemicals Company of the Year
EQUATE is a leading light in the global petrochemicals sector. Since the company was founded, EQUATE has supported the development of the plastics industry and seen demand grow by over 450pc. EQUATE contributes to over 60pc of the value of Kuwait’s non-oil exports and is the country’s leading manufacturer of ethylene, ethylene glycol (EG) and polyethylene (PE).
The world’s second largest producer of EG, in Q218, the Kuwaiti firm reported its highest second quarter earnings in its history, and, by Q3, net income stood at $1.3bn, an increase of 44pc over the same period 2017. The year to date also witnessed the company reach a record-breaking EBITDA of $1.7bn, an increase of
26pc over the first nine months of 2017.
The business produces over 5mn tonnes a year of petrochemicals and has a strong track record of sustainability. EQUATE opened the Middle East’s first plant water recycle project and Kuwait’s earliest CO2 recovery projects.
The company also became the first Middle East based company to utilise US ethane and, in 2016, the first Kuwait-based petrochemicals organisation to launch a US project. The EG plant on the Gulf of Mexico in Freeport, Texas, is expected to begin operations in 2019. When complete, the plant will boost monoethylene glycol capacity by 750,000mn tonnes annually.