Kuwaiti petrochemical company Equate sold its petrochemicals at an average price of 9% less than it had planned in 2015, the company said Friday.
While the company's average per-ton budget forecast for sales of its petrochemicals in 2015 was $960/mt, it realized an average of $870/mt, it said.
"During 2015, the global economy witnessed a number of serious challenges due to the drop of energy prices. Such a decrease impacted several business sectors, including the petrochemical industry," the statement quoted Equate CEO Mohammad Hussain as saying.
Hussain cited the fluctuation in oil prices as one of the prime reasons for the lackluster performance of the petrochemicals sector globally.
According to Platts data, the global petrochemicals market averaged $796/mt in December, down 1.1% or $9/mt from November's average and a steep 19% drop year on year.
Equate didn't provide details on sales for individual petrochemical products.
The company, a joint venture between Petrochemical Industries Co., Dow Chemical, Boubyan Petrochemical Co. and Qurain Petrochemical Industries Co., produces 5 million mt/year of petrochemical products at its complex in Shuaiba.
This includes a 300,000 mt/year linear low density polyethylene plant and high density PE plants with nameplate capacities of 300,000 mt/year and 225,000 mt/year.
It also handles production and sales for its affiliate, Kuwait Paraxylene Production Co., which operates an 830,000 mt/year paraxylene plant at the same complex; and operates a 450,000 mt/year styrene monomer plant for another affiliate, Kuwait Styrene Co., and a 140,000 mt/year polypropylene plant for PIC.
