Equate Petrochemical Company announced its net profits reached $566 million in 2006, achieving outstanding results for the sixth consecutive year although its plants were shut down for 30 days for a major maintenance project.

Equate Petrochemical Company CEO and president Hamad Al Terkait said the company produced about 994 tonnes of polyethylene and glycol.
He said the company’s sales surpassed its targeted plans by six per cent despite the huge maintenance project which suspended the production of Equate’s units for 30 days and was successfully completed.
The CEO’s remarks followed an Equate general assembly meeting.
Equate’s sales were more than one million tons in 2006, said Al Terkait, noting that higher market prices and increased efficiency of operations directly contributed to boosting the company’s profit.
Regarding Kuwaitisation, he said Kuwaiti nationals in the company have increased to 63 per cent from previous year’s 55.2 per cent, placing the company at the top of Kuwaiti private sector industrial companies in this regard.
The company also started in the same year a technical services programme for Kuwaiti operators, who would start working in Equate soon and well-before the start of the new plants operations to provide them with adequate practical training, he added.
About expansion plans, Al Terkait said Equate’s expansion projects have been progressing within timetables, pointing out that the company’s production would reach five million tonnes by the end of 2008.
In the safety area, Equate achieved for the first time 10 million safe working hours in 2006, which was a clear proof of the company’s keenness to preserve safety of its workers, said the CEO.