Equate: MEGlobal to complete MEG plant in US as scheduled
The company announced the project previous year and the construction work is now reported to be already underway.
The new 750,000 tons/year facility is expected to boost the Kuwaiti company’s ethylene glycol capacity to 3.15 million tons/year upon its slated completion in 2019.
Meanwhile, the world’s second largest MEG producer, Equate, expects $4.5 million in revenues this year, mostly driven by the growing demand in Asian markets. The company also reportedly plans to achieve a 6% growth in its PE sales in the coming year. The company also informed that more than half of their production is consumed by their sales to China and India. Their share in China’s PE market has recently fallen as they could not cope with the growing demand in the country with their current capacity.
Equate, 42.5% stake of which is each owned by Kuwait’s PIC and US-based Dow Chemical Company, has no plans for new mergers or joint ventures in the foreseeable future.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey's polymer markets deadlocked as lira’s freefall shatters all records
- Homo-PP downturn in full swing in China
- Bearish pressure mounts on SE Asian PE markets
- Oil faces demand pressure from renewed Covid-19 fears
- Europe PET market hovers around a decade-high, Asia stumbles
- Turkey's import PE market set to reverse course in December
- Sentiment in China PP, PE markets turns bearish again
- Taiwanese major’s Dec PVC price cuts deeper than expected
- Egypt’s PP, PE prices see corrections as buyers resist firm offers
- Nov hikes send Europe’s PE markets to multi-month highs