Kuwait’s Equate reports financial results for 2016
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Kuwait’s Equate reported its financial results for 2016. The company posted a net profit of $679 million for last year.
The company attributed its success, despite the difficulties it faced due to the falls in crude oil prices, to their strong focus on operational efficiency and cost control. The company also said they have become the world’s second largest mono ethylene glycol (MEG) producer with a production capacity of 2.4 million tons/year. They also said they are planning to start-up their new 750,000 tons/year MEG plant in the US Gulf Coast by 2019.
The company voiced its expectation of a rise in demand for their PE and MEG production by 4.5% and 4% respectively in 2017.
The company attributed its success, despite the difficulties it faced due to the falls in crude oil prices, to their strong focus on operational efficiency and cost control. The company also said they have become the world’s second largest mono ethylene glycol (MEG) producer with a production capacity of 2.4 million tons/year. They also said they are planning to start-up their new 750,000 tons/year MEG plant in the US Gulf Coast by 2019.
The company voiced its expectation of a rise in demand for their PE and MEG production by 4.5% and 4% respectively in 2017.
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