KUWAIT, June 15^th, 2020 — Effective Sept. 30, 2020, Dr. Ramesh Ramachandran will retire as CEO of the Greater EQUATE Group.

He will be replaced by Mr. Naser Aldousari, current Senior VP of EQUATE, whose career has spanned more than 24 years in the global petrochemical industry and includes several senior leadership roles with Petrochemical Industries Company (PIC) and membership on the EQUATE and The Kuwait Olefins Company (TKOC) Boards of Directors.

Sulaiman AlMarzouqi, Chair of the EQUATE Board of Directors, said the organization is committed to a smooth and seamless transition within the senior leadership team as EQUATE prepares for a new era of continued success and growth. On behalf of the Board, he thanked Dr. Ramachandran for his long and dedicated service to MEGlobal and EQUATE that delivered extraordinary results across the globe.

“As we enter a next phase of growth of EQUATE, Mr. Aldousari is ideal to take over the leadership of this great company,” he said. “He has the experience, knowledge and vision to lead EQUATE through this challenging time and prepare it for new levels of success in the future.”

EQUATE lead director from Dow, Mr. Raja Zeidan added, “We are looking forward to the leadership that Mr. Aldousari will bring to our organization. We also thank Dr. Ramachandran for the many milestones he achieved while CEO with MEGlobal and then CEO of EQUATE. He brought a new level of shareholder value and a global perspective that has become a core part of our identity and strategy. We thank him deeply for his leadership and dedication.”

Mr. Aldousari said he is looking forward to his new responsibilities.

“I am honored to assume the role of CEO of EQUATE,” Aldousari said. “I know this organization’s impressive achievements are only the beginning of what we can accomplish. I am grateful for the confidence placed in me by the Board and am committed to continuing the operational excellence, innovation and global leadership for which EQUATE has become known.”

He added, “I would like to thank Dr. Ramachandran for his hard work, innovative thinking and commitment to EQUATE’s values. He has taken us to a new level of achievement and has given us the platform from which to launch a new era of success for EQUATE.”

Dr. Ramachandran called his time as EQUATE CEO one of the pinnacles of his career.

“It has been a privilege to work with a team of people dedicated to excellence, in whatever division or role in which they work,” he said. “EQUATERs can be proud of the successes we have achieved in the past few years and your resilience and determination will serve you well. Naser will make a superb CEO and with the support of the new leadership team, I have full confidence in his ability to continue the organizational excellence that makes EQUATE a global industry leader.”

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.

EQUATE supports the Kuwait government in its actions to contain the spread of coronavirus (COVID-19). EQUATE- Kuwait Offices will remain closed until further notice.

Kuwait, May 4, 2020 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world, today announced its Q1 2020 unaudited earnings, reporting $250 million in EBITDA – a 15% decrease from $294 million in Q1 2019, and $729 million in revenue, an 18% decrease from $889 million in Q1 2019. Net income after tax stood at $97 million in Q1 2020, a 47% decrease from $183 million in the same period last year.

EQUATE’s facilities around the world continued to operate safely despite several external challenges, notably the global COVID-19 pandemic and huge swings in oil prices. The average price of ethylene glycol (EG) in Q1 was $473/MT compared to $625/MT in Q1 of 2019. Average prices of Polyethylene (PE) in Q1 2020 were $828/MT compared to $1,044/MT in Q1 2019. The significant headwinds on pricing were offset primarily by the volume increase from the new low-cost EG facility on the US Gulf Coast.

Commenting on the results, Dr. Ramesh Ramachandran, President and CEO of the EQUATE Group, said: “The margin compression seen due to the lower naphtha prices and COVID-19-related demand destruction is expected to last through Q2.  These low prices have seen reduced production at methanol to olefins (MTO) and coal to olefins (CTO) based facilities.  The decrease in supply due to lower capacity utilization at (MTO) and (CTO) facilities coupled with demand pick up post COVID-19 should improve margins by Q3/Q4.”

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 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 unaudited 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, April 2, 2020 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world announced its Q4 2019 and full-year this week. EQUATE reported $335 million in EBITDA, a 22% decrease from $427 million in Q4 2018, and $825 million in revenue, a 22% decrease from $1,069 million in Q4.  Net income after tax stood at $186 million in Q4 2019, a 36% decrease from $292 million in the same period last year.

Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “Global headwinds in commodity markets in 2019 negatively impacted results, compared to 2018. However, our global footprint with ethane-based ethylene provides us with a highly competitive cost position to withstand the current market conditions.

“In addition, the start-up of our new 750,000-metric ton ethylene glycol facility in Oyster Creek, TX ahead of schedule and within budget, was a testimony to the ability of EQUATERS to deliver and exceed expectations. Shipping of volume to customers from the new facility began in November.”

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 unaudited 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.

EQUATE supports the Kuwait government in its actions to contain the spread of coronavirus (COVID-19). EQUATE- Kuwait Offices will remain to be closed until April 23rd, 2020.

EQUATE supports the Kuwait government in its actions to contain the spread of coronavirus (COVID-19). In alignment with the Council of Ministers decision, EQUATE- Kuwait will be closed from the 12- 26 of March, with wok resuming on the 29^th of March .