EQUATE Petrochemical Company, which sponsored last week's Kuwait Oil & Gas Summit 2016, said further development in connection with other regions is needed to take advantage of the Middle East’s 40 percent share of global gas reserves.
EQUATE, established in 1995, is Kuwait's first international joint-venture in the gas industry. The company exemplifies its “Partners in Success” motto through the partnership between Petrochemical Industries Company, Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.
“Developing the gas sector requires thorough collaboration between national oil companies and their international counterparts as 'Partners in Success' for overall sustainability,” EQUATE President and CEO Mohammad Husain said at the summit. “Such development entails overall adaptation, preparing for the new era, resilience, understanding future energy mix, high reliability, ensuring environmental excellence, pricing structure, innovative solutions, cost effective technology, suitable regulations, as well as having the qualified human capital.”
The Kuwait Oil & Gas Summit 2016 boasts participation from numerous key officials from Kuwait Petroleum Corporation and subsidiaries, as well as other international oil, gas, petrochemical, scientific and academic entities.
“Currently, the oil market is facing price fluctuations due to increased supplies,” Husain said. “Although the market is currently progressing, we are still dealing with changes. Naturally, as a major market, China is critical to maintain stability. Along the same lines, the oil producers meeting in Doha will have a direct impact on matters.”
“In terms of EQUATE 's upcoming projects, we are continuing the execution of our 2020 Strategy and are currently looking as far as 2025,” Husain said. “At the same time, to optimize the added-value, EQUATE is continuing the integration of its new subsidiary MEGlobal which we acquired at the end of 2015.”