Equate Petrochemical Company, Kuwait’s first international petrochemical joint venture, posted a decline in net profit to $1.04 billion for the fiscal 2014, compared to $1.245 billion achieved in 2013.

“Taking into consideration that 2014 was filled with challenges and developments, these results are extremely positive,” said Equate president and CEO Mohammad Husain.

He said: “Several milestones were achieved in the year, including continuous sustainability at all levels relevant to the company. Reaching such accomplishments was made possible through our human resources, especially nationals, who have realised several world-class achievements as recognised by all local and international entities.”

Husain said the year 2014 included a number of serious challenges that faced the hydrocarbon industry as a whole, including the petrochemical sector. “For example, the drop of oil prices in global markets by over 40 per cent within a three-month timeframe, shortage of feedstock required for the petrochemical industry, fluctuating international prices, increasing demand despite drop in prices, as well as lack of opportunities for growth and expansion.”

The year recorded major highlights in Equate’s history, including its one-month turnaround for ethylene, polyethylene, ethylene glycol and utilities units. In addition, it finished the first phase of the polyethylene debottlenecking project to increase the production capacity from 825,000 tonnes annually to almost 1 million tonnes. Equate set a new world record by completing turnaround and debottlenecking project within 30 days, he said.