Equate's performance remains solid despite the crunch

Following Equate 2008 General Assembly, Equate Board of Directors Chairman Yousef Al-Ateeqi said "The profits are extremely positive and only 2% less than the 2008 budget despite the ongoing economic crunch, reflecting an excellent overall World Class performance through the efforts of Equate's management and employees with the support of its shareholders."

Al-Ateeqi explained

"Other than profits, Equate attained more than 92% of its 2008 objectives and secured solid global achievements in various fields, such as realizing over 15M Safe Work Hours, as well as launching the commercial operations of the new 600 thousand metric ton Ethylene Glycol Unit and the 850 thousand metric ton Ethylene Unit."

On his part, Equate's President & CEO Hamad Al-Terkait said "Equate's total sales in 2008 reached a total value of over $1.21bn, a 5% increase over last year. The petrochemical market's drop did not hit the company largely in 2008 and we successfully managed to overcome all challenges. Equate closed the year with no outstanding debt or uncollected proceeds from customers. Equate continues to make great progress in completing its expansion projects, Greater Equate, and we expect all remaining units to be up and commissioned during 2009 and will make Equate the single operator of the assets that are expected to produce over 5m tons per year of high quality petrochemicals. 2009 will hold many challenges which require further professionalism and proper planning to take advantage of our capabilities and enhance our continuous success story. Under such circumstances, the company has implemented strategic cost cutting programs without affecting people development or remuneration. One way to define areas for improvement and enhance our strengths, Equate continues executing its Six Sigma program with a target to qualify more persons in addition to the 23 green belt holders who were certified in 2008."

Considered one of the world's leading companies in producing Polyethylene and Ethylene Glycol, Equate was established in 1995 and it is presently a joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemicals Company and Qurain Petrochemical Industries Company. It commenced production in 1997 and currently provides markets in the Middle East, Asia, Africa and Europe with high quality petrochemical products.