Equate’s net profit down 16.4% in 2014
by ChemOrbis Editorial Team - content@chemorbis.com
Kuwait’s Equate Petrochemical Company announced their financial results for the full year of 2014, according to a press release on the company’s website. The company posted a $1.04 billion net profit in 2014 compared with $1.245 billion in the previous year. Equate’s sales were reported at $2.6 billion for the last year.
In a statement, the company’s CEO Mohammad Husain said that in 2014 the petrochemical sector faced many challenges including sharp deceases in crude oil prices, limited feedstock supply required for the petrochemical industry, fluctuating international prices, higher demand in the face of plunging prices as well as limited opportunities for growth and expansion projects. Taking all these challenges into consideration, Husain stated that the company’s 2014 financial results can be deemed as positive with the net profit exceeding $1 billion.
Husain added that the company finished the first phase of its PE debottlenecking project to increase the current production capacity from 825,000 tons per year to almost 1 million tons in 2014. EQUATE reportedly set a new world record in maintaining and updating petrochemical plants by finalizing the turnaround and debottlenecking project within 30 days for its ethylene, PE and MEG units.
In a statement, the company’s CEO Mohammad Husain said that in 2014 the petrochemical sector faced many challenges including sharp deceases in crude oil prices, limited feedstock supply required for the petrochemical industry, fluctuating international prices, higher demand in the face of plunging prices as well as limited opportunities for growth and expansion projects. Taking all these challenges into consideration, Husain stated that the company’s 2014 financial results can be deemed as positive with the net profit exceeding $1 billion.
Husain added that the company finished the first phase of its PE debottlenecking project to increase the current production capacity from 825,000 tons per year to almost 1 million tons in 2014. EQUATE reportedly set a new world record in maintaining and updating petrochemical plants by finalizing the turnaround and debottlenecking project within 30 days for its ethylene, PE and MEG units.
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