MOSCOW (MRC) -- Equate, a global producer of petrochemical products based in Kuwait, has appointed Dr Ramesh Ramachandran, the senior executive vice president of Equate, as the new chief executive officer, while Naser Al Dousari will take over as the new senior vice president of the group, reported TradeArabia.
Dr Ramachandran will be succeeding Mohammad Hussain, who retires after serving as CEO for two consecutive three-year terms and a career in the oil, gas, and petrochemical industry extending over 35 years, said a statement from Equate.
During his tenure, Hussain led the transition of the organization from a single-plant operation to a global leader with manufacturing operations in Kuwait, Europe, and North America, it stated.
A wholly-owned subsidiary of Equate Petrochemical, the company is an international joint venture with key shareholders including Petrochemical Industries Company, The Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.
Announcing the changes in senior leadership, Equate said both Dr Ramachandran and Al Dousari will assume their new roles effective November 20 and will complete the transition process with Hussain by the end of the year.
Prior to this, Al Dousari was the manager of Olefins Business Development at Petrochemical Industries Company (PIC) and also a board member of Equate and Kuwait Olefin Company (TKOC), a subsidiary of Kuwait Petroleum Corporation and a founding shareholder of Equate.
As MRC informed before, Kuwait-based Equate Petrochemical Company continued its global growth through its wholly owned subsidiary MEGlobal with the launch of work on a new world-scale ethylene glycol (EG) manufacturing facility in Freeport, Texas, US, in August 2016. With this plant, Equate is the first Kuwaiti petrochemical company to invest in the US. The new facility, to be completed during 2019, will increase Equate’s monoethylene glycol (MEG) capacity by 750,000 metric tonnes annually and will enhance the company’s global presence to meet customer needs.
Equate is the world’s second largest EG producer with 12% of the global market share.
Equate Petrochemical Company K.S.C.C., together with its subsidiaries, manufactures, markets, and distributes petrochemical products. The company produces ethylene, polyethylene terephthalate, polypropylene, styrene monomer, paraxylene, heavy aromatics, and benzene; polyethylene for various applications, including flexible and food packaging, industrial packaging, agricultural films, HIC, and others; and monoethylene and diethylene glycol that are used in polyester fiber for fabrics, water-based adhesive materials, shoe polish, and printer inks, as well as automotive anti-freeze and coolants. The company sells its products in Kuwait and other Gulf Cooperation Council countries, North America, Asia, Europe, and internationally. Equate Petrochemical Company K.S.C.C. was founded in 1994 and is headquartered in Safat, Kuwait.