Kuwait Styrene realizes USD 97 Million net profit in 2015
The Kuwait Styrene Company (TKSC) announced realizing a net profit of USD 97 million for the fiscal year ending 31 December 2015, in contrast to a net earnings of USD 126 million throughout 2014.
TKSC Board Chairman Hadi Abul stated, "The year 2015 experienced a number of developments, such as decreasing oil prices and instability in petrochemical markets. At the same time, TKSC understood considerable net revenues due to excellent performance in a number of fields.".
Abul included, "On behalf of TKSC Board, I would like to extend utmost thankfulness to our executive management for their outstanding function in the company's success. In addition, unwavering appreciation to EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), along with different government and personal bodies for their constant support of TKSC.".
On his part, TKSC CEO Adel Al-Munifi said, "During 2015, the business has understood a number of world-class turning points. TKSC maintained world-class operational requirements and a zero injury rate.
Al-Munifi kept in mind, "2016 will bring a number of obstacles, however we do not expect much variation in costs and the expense of logistics might be lower due to decreasing fuel costs.".
As Kuwait's very first and only producer of Styrene Monomer, The Kuwait Styrene Company (TKSC) was established in 2004 as an international joint endeavor between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).
CORRESPOND Petrochemical Company, Kuwait's first international joint venture in this market, is the single operator of Greater EQUATE, which includes The Kuwait Styrene Company (TKSC), Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) under one completely integrated operational umbrella at Kuwait's Shuaiba Industrial Area.
