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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


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