Business

EQUATE Petrochemical Company, Kuwait first worldwide joint-venture in this market, sponsored the Kuwait Energy Forum 2016 organized by Petroleum Economist as part of the business's contribution in developing the national oil, gas and petrochemical sectors.

EQUATE President & CEO Mohammad Husain participated in a panel discussion with previous Petrochemical Industries Company (CEO) Asaad Al-Saad and moderated by Petroleum Economist Senior Consultant Richard Banks.

The panel attended to the outlook for the Kuwaiti petrochemical sector locally and internationally; new advancements concerning the upcoming Kuwait Petrochemical & Refinery Company (KPRC); feedstock restrictions in the petrochemical industry; and the existing state of the global economy in light of dropping oil rates.

Husain said, "2015 was a tough year, and 2016 will be hard, however next year ought to be much better in regards to rates as supply and need will become more well balanced. For Kuwait to keep its sustainable function in the petrochemical industry, we must look for more integration through devising ingenious options, such as developing petrochemical value parks for downstream markets.".

Husain added, "Feedstock availability is still a matter to be thought about when attending to the growth of our petrochemical sector. Through combination, by having a unified outlook and integrating efforts for this sector, we will have the ability to genuinely end up being 'Partners in Success'.".

The forum was held under the patronage of Deputy Prime Minister, Minister of Finance and acting Minister of Oil His Excellency Anas Al-Saleh and attended by the Iraqi Minister of Oil Adel Abdul-Mahdi, Kuwait Petroleum Corporation Deputy Chairman & CEO Nizar Al-Adsani, as well as numerous prominent figures from around the world.

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