MOSCOW (MRC) -- The EQUATE Group has added a new global award to its list of accomplishments, as the MEGlobal BOOKRAMEG Oyster Creek Project has been named an Award of Merit winner in the Power/Industrial category of the ENR Best Project Awards of 2020, said the company.
The world-scale 750,000 metric-ton-per-annum monoethylene (MEG) glycol and di-ethylene glycol facility (DEG) was constructed in Oyster Creek, Texas ahead of schedule, below budget and with an excellent safety record. It was the first time the EQUATE Group constructed a new EG facility in the United States.
EQUATE CEO-elect and Sr. Vice President Naser Al-Dousari credited the project team and ownership for working together to build a world class facility in a region that provides access to plentiful feedstocks and global markets.
"We are truly humbled by this honor,” he said. “This project demonstrated what can be accomplished when you bring together global petrochemical leadership with a dedicated expert project team. We thank everyone who played a part in delivering the BOOKRAMEG project to EQUATE’s portfolio and strengthening our ability to reach customers around the world."
The project was co-submitted for award by MEGlobal, Worley (general contractor) and Fluor (construction contractor) and was one of 30 selected from a record number of entries. The submissions were judged by an international panel of industry experts.
"The panel looked at projects in many markets and examined safety performance, innovations, challenges, and design and construction quality – with a special emphasis on the diversity of global project teams and their collaboration,” said Engineering News-Record editor Scott Blair in a news release. “They also considered how the project benefits the local community and/or the construction industry."
The winners of ENR’s Global Best Project Awards will be celebrated at a virtual ceremony in September.
As MRC informed earlier, MEGlobal announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be USD620/MT CFR Asian main ports for arrival September 2020. The September 2020 ACP reflects the short term supply/demand situation in the Asian market. The price is on a CFR (cost and freight) Asia basis.
MEG is mainly used in the production of polyester fibres, resins and films (around 80% of global consumption), followed by use in polyethylene terephthalate (PET) resin. It is also used as automotive antifreeze.
According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 367,720 tonnes in the first six months of 2020, up by 19% year on year. Russian companies processed 62,910 tonnes of material in June.
The EQUATE Group is a global producer of petrochemicals and the world’s second-largest producer of ethylene glycol (EG). The Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, ethylene glycol (EG), polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society.