Kuwait – Mubasher: Kuwait-based EQUATE Petrochemical Company posted a 29% decline in net profit for the fiscal year 2015 to $739 million, from $1.04 billion a year earlier.

CEO Mohamed Hussein said his company's sales exceeded $2.3 billion, adding that it is bolstering its presence in several markets through increasing its client base locally and globally.

EQUATE helped Kuwait's plastics industry grow by more than 400% in the period 1998-2015. It also contributed to supporting local plastics producers in exporting their final products.

Considered one of the world’s leading companies in producing Polyethylene and Ethylene Glycol, EQUATE was established in 1995 and it is presently a joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemicals Company and Qurain Petrochemical Industries Company. It commenced production in 1997 and currently provides markets in the Middle East, Asia, Africa and Europe with high quality petrochemical products.