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

Pic: Shutterstock

Textiles | On 8th May 2021

French Development Agency to invest $83m in Ivory Coast cotton sector

Over a period of five years, the French Development Agency (AFD) will ...

Pic: Juki

Apparel/Garments | On 8th May 2021

Japanese companies collaborate to develop sewing machine business

Juki Corporation and Pegasus Sewing Machine Mfg have entered into a...

Pic: Rocky Brands

Apparel/Garments | On 8th May 2021

Rocky Brands expands Made in America capabilities

Rocky Brands has expanded the offering of its Made in America product ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Tech in fashion industry has hit acceleration button

Textile Industry, Head honchos

Textile Industry
Head honchos

Farmers who produce seeds earn 50 per cent more

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Dr. Vijaya Kumar,

Dr. Vijaya Kumar

Dr MM Kariappa founded the Vogue Institute of Art &amp; Design in 1996....

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

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

Leave your Comments


May 2021

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


Advanced Search