The Kuwait Styrene Company (TKSC) announced realizing a net profit of $126m for the fiscal year ending 31 December 2014, in comparison to net profits of $180m during 2013.
On this occasion, TKSC Board Chairman Hadi Abul said, “As the only Kuwaiti producer and exporter of Styrene Monomer (SM), the company has continued realizing notable net profits despite a number of challenges, mainly decreasing oil prices and the hike in feedstock costs. On the other hand, the company maintained this overall success through its human resources especially nationals, strategic planning, operational excellence, and increasing global SM demand which has reached 27 million metric tons (MT) during 2014.”
Abul expressed, “Utmost appreciation and gratitude to all contributors to this success, especially TKSC Board Members, executive management, EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), as well as various government and private bodies for their continuous support of TKSC.”
On his part, TKSC CEO Adel Al-Munifi said, “During 2014, the company has realized a number of distinguished achievements that included producing 526,000 MT which is a new record since our plant’s capacity is 450,000 MT annually. Our sales in terms of volume have increased and the sales value was $807m in comparison to $915 during 2013. The year 2015 is expected to witness more challenges in light of fluctuating oil prices which might be lower than 2014, and this matter will have an impact of petrochemical markets as a whole and demand for petrochemicals, as well as instability in prices.”
As Kuwait’s first and only producer of Styrene Monomer, The Kuwait Styrene Company (TKSC) was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).
EQUATE Petrochemical Company is the single operator of Greater EQUATE, which includes The Kuwait Styrene Company (TKSC), Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) under one fully integrated operational umbrella at Kuwait’s Shuaiba Industrial Area.