Home / Knowledge / News / Textiles / Banks are vital partners of Equate - Mr Mubarak, CFO
Banks are vital partners of Equate - Mr Mubarak, CFO
07
Jul '10
EQUATE Petrochemical Company's CFO Abdulkarim Mubarak said local and international banks are partners in financing the company's plants, as well as the facilities of EQUATE II joint venture with the total value of USD 3.8 billion.

During a tour hosted by EQUATE for a number of banks at petrochemical installations in Shuaiba Industrial Area, Mubarak said “Such partnership has contributed in the largest ever finance deal for Kuwait's industrial private sector with the participation of over 30 local and international financial bodies.”

Mubarak noted that this financing is part of the overall partnership between EQUATE and banks that play a critical role in establishing different sustainability driven projects, especially industrial ventures which greatly contribute to diversifying Kuwait's income sources.

Attending organizations included the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Citi Bank, Royal Bank, Bank of Scotland, Societe Generale Bank, HSBC Bank, Arab Banking Corporation, Mashreq Bank and Arab Bank.

Mubarak explained “In addition owning to a number of units producing ethylene, polyethylene and ethylene glycol, EQUATE is also the single operator of EQUATE II (Aromatics – Styrene – Olefins II) plants owned by The Kuwait Olefins Company, The Kuwait Styrene Company and Kuwait Paraxylene Production Company. These plants, whether owned or operated by EQUATE, are the only of their kind in Kuwait.”

Mubarak added “The cost of constructing EQUATE II plants reached USD 2.1 billion for Olefins II, USD 610 million for Styrene and about USD 2 billion for Aromatics,” stressing that providing such funds was the result of positive unlimited cooperation EQUATE receives from financial organizations, especially banks.

Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.

EQUATE Petrochemical Company KSCC

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search