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EQUATE's performance exceeded plans by over 80%

09
Jun '10
EQUATE Petrochemical Company President & CEO Hamad Al-Terkait said the company's 2010 performance has exceeded production and business plans.

Addressing the bi-annual EQUATE Management Forum, Al-Terkait said “Despite the adverse global financial situation, EQUATE's sales volume and net profit were better than original forecast.”

“Proof of this is EQUATE and The Kuwait Olefins Company (TKOC) realizing combined profits of USD 222 million for the first quarter of 2010 which is 84% higher than original plans. In addition, EQUATE has achieved over 22 Million Safe Work Hours (SWH) without any Day Away from Work Case (DAWC), that's a truly unique industrial record” noted Al-Terkait.

EQUATE is the single operator of TKOC.

On his part, EQUATE Vice President Technical Services Mohammad Al-Benali said the forum's major highlights include reviewing the results of Employee Opinion and Action Survey (EOAS) and having the former CEO of KPC Nader Sultan delivering a keynote address.

Al-Benali added that examining the EOAS includes analyzing results, as well as devising potential solutions/actions to improve overall company performance.

The Management Forum is part of EQUATE's transparent comprehensive communication initiatives, which advocate and stimulate discussion and open-dialogue between the company's senior management and executives.

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


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