Initiative raises awareness of fire hazard safety to keep Kuwait homes safe

KUWAIT, March 21, 2022 — As part of its commitment to the health, safety and wellbeing of the communities in which it operates, EQUATE Group’s decade-long support of the Kuwait Fire Force (KFF) continues with its latest home safety awareness campaign this month.  

The initiative runs from 16^th – 31^st March 2022, and includes information stands in The Avenues Mall and the University of Kuwait to increase awareness and understanding of potential fire hazards in the home, and how to ensure safety measures are followed.

EQUATE’s sponsorship includes participation by its Emergency Response Team (ERT) responsible for health and safety at the global petrochemical company, who will be present on the stands to share information and actively support KFF teams. The organization has also donated vital safety equipment, such as fire extinguishers, fire blankets and smoke detectors, for distribution on the stands.    

“Kuwait’s Fire Force provides a critical service in keeping both community and industry safe in our homes and work environments, and EQUATE is proud to have been helping to promote its safety initiatives for more than 10 years,” said Nawaf Al-Khaldi, EQUATE Vice President. 

“We hope that this new campaign will help our community to become more aware of potential hazards in the home, learn what measures should be taken to prevent accidents from happening, and what to do should a situation occur,” he added.

The KFF education booths will be located in the Phase II at The Avenues Mall from 16^th – 23^rd March, and in Kuwait University from 28^th – 31^st March.

MEGlobal Canada moving to 100% Renewable Energy for its Alberta sites

EDMONTON, Alberta – March 16, 2022 – MEGlobal Canada ULC (MEGlobal) has entered into a 10-year agreement with Capital Power Corporation (TSX: CPX) to purchase a significant share of renewable energy (126 megawatts) from Capital Power’s Whitla Wind¹ facility. The renewable energy is expected to meet the power needs at MEGlobal’s Canadian manufacturing facilities beginning April 1, 2022.

MEGlobal is a subsidiary of EQUATE Petrochemical Company K.S.C.C. (EQUATE) and part of the EQUATE Group.  MEGlobal has three operational sites in Alberta, located in Fort Saskatchewan and Lacombe County. These facilities produce ethylene glycol that is used to make essential products such as clothing, coolants and construction materials.

“Purchasing energy from renewable resources such as wind makes good sense for our company and the environment,” said Naser Aldousari, CEO of EQUATE. “This agreement exemplifies EQUATE’s dedication to delivering responsible product growth that meets the needs of the present without compromising the ability of future generations to meet their needs.”

“We’re excited to provide MEGlobal with renewable power for their operations in Alberta. As we work to power a sustainable future for people and planet, we’re committed to developing customized solutions that empower our partners to capitalize on the benefits of clean energy,” said Chris Kopecky, Senior Vice President and Chief Legal, Development and Commercial Officer. “Combined with our other renewable energy agreements, the additional phases of our Whitla Wind facility, representing a total of 151 MW of capacity, are now fully contracted for 100% of the energy generated and approximately 86% of the environmental attributes for 10 years.”

The carbon displacement from the agreement is estimated to be 2.119 MTCO2e. This is the equivalent of taking more than 461,000 cars off the road for a year, recycling over 90 million bags of waste instead of dumping in landfills, or the amount of greenhouse gases sequestered by 35,000,000 tree seedlings grown for 10 years.²

1. Whitla Wind consists of 3 phases. Phase 1 (202 MW) is owned by Capital Power (Whitla) L.P. and phases 2 and 3 (151 MW) are owned by Whitla 2 Wind Generation L.P. The renewable energy agreement referred to in this media release is for the capacity and related attributes from phases 2 and 3.
2. Comparison numbers in this paragraph are calculated from the U.S. EPA website.

About Capital Power

Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts and are committed to be off coal in 2023. Capital Power owns approximately 6,600 MW of power generation capacity at 26 facilities across North America. Projects in advanced development include approximately 425 MW of owned renewable generation capacity in North Carolina and Alberta and 512 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.

About MEGlobal

MEGlobal is a global leader in the manufacture and marketing of ethylene glycol (EG). With a worldwide network, MEGlobal markets its products throughout Asia, the Americas, Europe and the Middle East. MEGlobal embraces the principles of Responsible Care®, focusing on the safety of employees, neighbors, communities and the environment in every aspect of its operations. MEGlobal is a subsidiary of EQUATE and part of the EQUATE Group, one of the world’s largest producers of EG. Visit www.meglobal.biz for more information.

KUWAIT, February 21, 2022 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol announced its full-year earnings for 2021 this week, posting an increase in total revenues of 42 percent over 2020 results.

EQUATE Group’s revenues in 2021 totaled U.S.$4.16 billion compared to 2020 revenues of U.S.$2.92 billion.  The Group also reported total EBITDA of U.S.$1.74 billion and net income after tax of U.S.$1.11 billion for 2021, compared to U.S.$945 million and U.S.$358 million, respectively for 2020.

Steadily affirming its global competitive position amid a healthy recovery of global markets in 2021, the Group’s global footprint has enabled reliable and efficient delivery of its quality products to customers worldwide, maintaining its market-leading position.

“EQUATE Group delivered a strong 2021 performance,” said Naser Aldousari, President and CEO of EQUATE Group.  “As a result of the extraordinary efforts from our cross-functional team across the globe, we continue to deliver exceptional safety, production and sales performance. We met each challenge during the year with the resilience and determination to emerge stronger.”

With global disruptions still a reality, EQUATE Group has continued to build on its competitive advantage, propelled by its stakeholders’ continuous support, extensive geographic footprint, ethane-based feedstock supply, cost optimization, and the team capabilities.

EQUATE Group’s leadership position is attracting the industry’s top talent for its key operations across markets and implementing development initiatives to deliver strategic direction and drive results.

                                                                        -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals. The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

KUWAIT, December 09, 2021 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, is an official sponsor of the 15th Annual Gulf Petrochemicals & Chemicals Association (GPCA) Forum in Dubai.

The forum addresses the theme “Redefine. Reshape. Reinvent: the chemical industry in a post-pandemic reality” from December 7th to 9th, with the goal of redefining the challenges, reinventing strategies to capitalize on market opportunities, and reshaping a renewed future for the chemical industry.

This year, Naser Aldousari, President and CEO of EQUATE Group, led a panel discussion titled “Beyond the Pandemic – The GCC Perspective to Creating Resilient, Purpose-Driven, and High-Performing Organizations,” in which industry leaders shared their thoughts, knowledge, and insights on developing trends that are shaping the industry, as well as future strategic plans for potential disruptions.

President and CEO Naser Aldousari commented on EQUATE Group’s participation, saying, “The petrochemical industry is a significant contributor to economic diversification and a leading job-creation industry.” The last two years have been turbulent, focusing attention on critical issues such as sustainability, digitalization, and self-sufficiency.”

“As we emerge into a post-pandemic world with new learnings, there is no better time for business leaders to come together to share knowledge and embrace innovation, so that together, we can continue to provide value for our customers, and develop sustainable solutions that adhere to global standards.”

EQUATE Group is also participating in a youth program ‘Leaders of Tomorrow’, where industry stakeholders and youth will collaborate in shaping skills and preparing the future industry leaders with the required skills set.

Speaking at the opening of ‘Leaders of Tomorrow’, Aldousari said: “EQUATE Group is dedicated to inspiring and empowering the younger generations to join the industry and support its development. The youth are society’s most valuable resource, with the ability to contribute to sustainable economic growth.

“The ‘Leaders of Tomorrow’ initiative provides a platform for students and young professionals to engage in science, technology, engineering and mathematics (STEM) subjects; as well as learn and connect with leading industry experts at GPCA’s networking events.”

As one of the founding members of the GPCA, EQUATE Group has been dedicated to supporting the region’s petrochemical and chemical industry through advocacy, networking and thought leadership initiatives that help member companies to connect, share and advance knowledge, contribute to international dialogue, and become prime influencers in shaping the future.

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society.

Visit www.equate.com

Media Enquiries:

Ramzi Alabras

Mojo Public Relations

+971 55 4244 292
ramzi@mojo-me.com

EQUATE Releases its 2019-2020 Sustainability Report Unveiling Advancements on Sustainability Initiatives

Leading with agility to maximize growth and resilience amid the pandemic

Kuwait, October 12^th , 2021 — EQUATE Group, a global producer of petrochemicals, has published its seventh sustainability report highlighting its ongoing commitment to sustainable development across the organization and in the communities in which it operates. The report is prepared in accordance with Global Reporting Initiative (GRI) standards and received the GRI Materiality disclosure stamp.

The theme of the 7th edition “Leading with agility to maximize growth and build resilience amid the Covid-19 pandemic” highlights EQUATE Group’s organizational resilience and adaptation in the face of COVID-19 pandemic, including a number of case studies on responses undertaken during the reporting period.

“We believe that commitment to sustainability in all aspects is a key to success. Therefore, we have made progress in incorporating sustainability into our core business practices not only to produce high-quality products responsibly for our customers, but also to contribute to a more sustainable future.” Said Naser Aldousari, EQUATE Group President and CEO. “As the Covid-19 pandemic impacted the lives of people around the world, we stepped up as a responsible corporate citizen to help protect health and continue to provide essential products to markets around the world. Our agility and resilience enabled our operations to continue uninterrupted whilst protecting our people.”

EQUATE Group Sustainability Committee Leader, Dr. Abeer AlOmar, commented: “We chose to raise the bar by refreshing and expanding our sustainability strategy in 2019 which is aligned with The United Nations Sustainable Development Goals (SDGs). The report highlights EQUATE Group’s performance during the period 2019-2020 against the economic, and social pillars of sustainability in four key sectors – our economic growth, environmental stewardship, health and safety priorities, and responsibility towards our people.”

The full report along with English and Arabic executive summaries is available on the EQUATE Group website, click here: http://www.equate.com/reporting/

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals. The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

MEGlobal Americas Inc. Plans For 100 Per Cent Renewable Electricity at Oyster Creek Site by 2023

Sep 21st, 2021

OYSTER CREEK, TX  – MEGlobal Americas Inc. (MEGlobal) has entered into an agreement with Calpine Energy Solutions, LLC to purchase renewable energy to fulfill 100 per cent of the expected power needs at MEGlobal’s Oyster Creek, TX site beginning in 2023.

The deal highlights the strong commitment made to sustainability by the EQUATE Petrochemical Group, of which MEGlobal is a part.

“Purchasing energy from renewable resources such as wind and solar makes good sense for our company and our environment,” said EQUATE CEO Naser Aldousari. “This agreement exemplifies EQUATE’s dedication to delivering responsible product growth that meets the needs of the present without compromising the ability of future generations to meet their needs.”

MEGlobal will purchase more than 1.5 million MWh of renewable electricity over the five-year term of the agreement, resulting in the displacement of more than 600,000 MT of carbon dioxide. That is the equivalent of taking more than 156,000 cars off the road for a year or diverting at least 28 million bags of trash from a landfill. When compared to common carbon offsets, the amount of displaced CO2e from this purchase is equal to the amount of carbon sequestered by more than 1.8 million acres of forest in a year.

“We are proud to have been able to deliver a solution to MEGlobal that made sense for them from a carbon abatement, risk and cost management perspective” said Jim Wood, President, Calpine Energy Solutions. 

The MEGlobal Oyster Creek Site began operations in 2019 and was designed with energy efficiency in mind, according to Site Leader Scott Daigle. Adding renewable electricity to the site’s infrastructure is another progressive step.

“We pride ourselves on our cutting-edge technology and we are constantly seeking ways we can make a great facility even better,” said Daigle. “Now, in addition to providing a valuable product that helps meet world demand, we are also working to optimize the way we integrate sustainability into our day-to-day operations.”

Daigle said MEGlobal will begin transitioning to renewable electricity in 2022.

About MEGlobal

MEGlobal is a global leader in the manufacture and marketing of ethylene glycol (EG). With a worldwide network, MEGlobal markets its products throughout Asia, the Americas, Europe and the Middle East. MEGlobal embraces the principles of Responsible Care®, focusing on the safety of employees, neighbors, communities and the environment in every aspect of its operations. MEGlobal is a subsidiary of the EQUATE Petrochemical Company (EQUATE.)

About Calpine Energy Solutions

Calpine Energy Solutions, LLC is a licensed retail energy provider in every deregulated state, and is one of the largest energy suppliers in North America by volume.  Most of its clients are large commercial or industrial entities that view the management of energy and carbon as an important strategic initiative and seek to leverage the company’s expertise in data management, risk management and renewable energy.  Calpine Energy Solutions is a wholly owned subsidiary of Calpine Corporation, America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.  Please visit www.calpinesolutions.com to learn more about how the company helps businesses transform their energy / carbon management programs from a traditional, transactional approach to a data-driven, sustainable business process.

KUWAIT, August 26, 2021 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol announced its earnings for the first half of 2021.

The EQUATE Group reported total revenue of US$2,041 million in H1 2021, compared to US$1,423 million during the same period in 2020. The Group also reported a net income after tax of US$543 million and EBITDA of US$869 million, compared to US$124 million and US$409 million, respectively, during the same period last year.

EQUATE Group’s facilities around the world continue to operate safely and maintain highly reliable production rates despite global challenges. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE, said: “We see strong signs of optimism,  as the world economy recovers from a challenging period, with a positive impact on prices, and a return to normalcy driven by increased global manufacturing and industrial activities”.

“The results illustrate EQUATE’s resilience and adaptability, enabling us to continue supplying customers and markets with high quality products from multiple strategic locations. Reliability is at the cornerstone of our reputation and what our customers have grown accustomed to, this will remain so as we move forward in our business.”

                                                            -ENDS-

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.

As India’s COVID-19 crisis continues, global producer of petrochemicals pledges to donate $100,000

KUWAIT, June 14, 2021 — As part of its commitment to the health, safety and well-being of its employees, partners, and the communities in which it operates, EQUATE Group, a global producer of petrochemicals, has announced a donation of $100,000 to the Kuwait Red Crescent Society to support Covid-19 relief efforts in India. 

The donation is in response to the ongoing COVID-19 crisis in India, which has left many people devastated and hospitals unable to care for the sick. Donations will be used to fund much-needed resources and medical equipment, including cylinders to facilitate increased oxygen supply for patients across the country.   

“At EQUATE, our highest priority continues to be the safety and wellbeing of people, and wanted to provide practical support to those hit hardest by the pandemic in India” said Naser Aldousari, EQUATE Group President and CEO, “The efforts of Red Crescent Society Kuwait in enabling this relief initiative is exemplary, and we thank Dr. Hilal Al Sayer, Chairman of the Society, for giving EQUATE the opportunity to contribute in a meaningful way.

“We also deeply appreciate both Kuwait’s Ambassador to India, H.E. Mr.  Jassem Ibrahim Al-Najim and Ambassador Sibi George, India’s ambassador to Kuwait, for their collaborative and continuous support to our business and the communities to which we are connected.”

About EQUATE Group

The EQUATE Group is a global producer of petrochemicals and the world’s second-largest producer of ethylene glycol (EG). The Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society.

Company official signatory of environmental global program Operation Clean Sweep.

KUWAIT, May 17, 2021 — As part of its commitment to long-term sustainable development, the EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world, has pledged its allegiance to the international environmental program Operation Clean Sweep (OCS).

Stewarded by the Gulf Petrochemicals and Chemicals Association (GPCA), OCS aims to achieve zero pellets, flake and powder loss into the environment. By signing the pledge, EQUATE must ensure that OCS sustainable best practice requirements are implemented across its facilities in a bid to eliminate accidental loss of pellets during production, handling, storage and transportation from the processing facility to the environment.  

The OCS pledge is a strong example of EQUATE’s continuous drive to shrink its carbon footprint. The company believes that by further strengthening its accidental loss processes, it will not only help protect the environment and save valuable resources, but will also deliver greater added value for a more competitive, resilient plastics industry.

Dr. Abeer Al-Omar, EQUATE Group Sustainability Committee Leader said: “We are dedicated to reducing our impact on the environment, and will continue to develop and implement stringent operational processes that contribute to reducing plastic accidental loss. It is promising to see how as an industry we are working together to make a positive and sustainable impact in everything that we do.”

Since its inception, sustainability measures have been firmly embedded in EQUATE’s organizational culture through EQUATE’s Sustainability Strategy 2025, consisting of 11 initiatives identified under environment, economy, society and health and safety. EQUATE’s sustainability strategy is mapped against the United Nation’s Sustainable Development Goals (SDGs) and aligned with Kuwait’s National Development Plan and Canada’s Federal Sustainable Development Strategy.

Abdul Wahab Al-Shatti, Senior Production Engineer said: “We have created a cross functional team to help ensure we are all working together to achieve zero pellets, flake and powder accidental loss. We are proud of the initiative and look forward to continually enhancing our engagements and efforts in the OCS program”.

The OCS program was first introduced by the American Chemistry Council (ACC) and Plastics Industry Association (PLASTICS) – and today it is practiced in over 60 countries and thousands of manufacturing and transportation facilities around the world. For further information about Operation Clean Sweep – please visit: https://www.gpca.org.ae/operation-clean-sweep/

About EQUATE Group

The EQUATE Group is a global producer of petrochemicals and the world’s second-largest producer of ethylene glycol (EG). The Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society.

Media Enquiries:

Lara Obeidat

Mojo Public Relations

+971 50 785 3328
lara@mojo-me.com

EQUATE Group Announces Financial Results for 2020

KUWAIT, March 31, 2021 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world announced its Q4 2020 and full-year 2020 earnings this week.

EQUATE announced its fourth quarter 2020 and full-year 2020 earnings. In Q4 2020, the EQUATE Group reported an EBITDA of U.S.$309 million, compared to U.S.$335 million for the same period in 2019. EQUATE Group’s total EBITDA for 2020 stood at U.S.$945 million, compared to U.S.$1,124 million in 2019.  Net Income After Tax for the year was U.S.$358 million, compared to U.S.$638 million in 2019.

Despite global challenges, EQUATE Group’s facilities around the world continued to operate safely and maintain customary production rates. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.

Commenting on the results, Naser Aldousari, President & CEO of  EQUATE, said: “As challenges and headwinds were heightened in 2020 due to the COVID-19 pandemic, the EQUATE Group continued to demonstrate resilience and flexibility in operating safely and successfully through this unusual time.

Additionally, the solid foundational pillars on which the EQUATE Group is built have enabled us to maintain our commitment to customers without jeopardizing the health and safety of our teams as it is always our utmost priority. Looking ahead, we remain focused on enhancing our competitive capabilities with strategic decision making to deliver ongoing value for our shareholders”.

ABOUT THE EQUATE GROUP

The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com

Disclaimer

This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.

Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.