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.
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