Equate Group Announces Official Start up of MEGlobal Oyster Creek, Tx Xite
Today the EQUATE Group is pleased to report the official start-up of the MEGlobal Oyster Creek Sites commercial production of fiber-grade, on-spec monoethylene glycol. The plant has a nameplate capacity of 750,000 metric-tons-annually (MTa) of ethylene glycol and access to shipping routes to customers around the globe.
The new plant will be worked by MEGlobal Americas Inc., an auxiliary of EQUATE Petrochemical Company and is the Groups first manufacturing facility in the United States. It will deliver monoethylene and diethylene glycol, items utilized in a number of market applications including polyester fibers, polyethylene terephthalate (PET) bottles and packaging, antifreeze and coolants, paints, resins, deicing fluids, heat transfer fluids and construction materials.
Dr. Ramesh Ramachandran, President and CEO of EQUATE, stated: The successful execution of this project demonstrates EQUATEs capacity to use its best-in-class practices across the globe. From safety to schedule to cost control, the MEGlobal Oyster Creek Site epitomizes our commitment to operational excellence and efficiency in order to serve the growing customer need for EG across the globe.
The new facility is the first significant investment by a Kuwait-based company on the U.S. Gulf Coast. It based on the longstanding relationship between Kuwaiti partner, Petrochemical Industries Company in Kuwait (PIC) and U.S. partner, Dow Inc. (NYSE: DOW), a relationship that was forged during the freedom of Kuwait. That relationship prompted the formation of the EQUATE Petrochemical Company, a joint endeavor among Dow and PIC (42.5% ownership each) as well as Boubyan Petrochemicals Co. K.S.C. (BPC) with 9% ownership and Qurain Petrochemical Industries Co. (QPIC) with 6% ownership.
EQUATEs Executive Vice President, Naser Al-Dousari, stated, The new Oyster Creek MEGlobal plant is a development of the Companys ethylene glycol business in order to meet fast-growing global demand. It enormously improves our global presence and falls under our continuous plans to maximize value as a leading ethylene glycol producer and supplier.
The MEGlobal Oyster Creek plant is utilizing the U.S. shale gas advantage by utilizing ethylene from the Dow Oyster Creek facility. The site has additionally authorized Dows METEOR technology for its procedures.
The project accomplished a few achievements in its construction, including more than 3.5 million consecutive safe work hours. It created 55 new full-time and 25-35 contract jobs. It utilized almost 2,000 construction workers during projects peak and will contribute around $24 million per year to the local economy.
