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

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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