11 March 2015
Captured from EQUATE's manufacturing process, Gulf Cryo plant to convert CO2 to food-grade product.

Dubai - Gulf Cryo Holding KSCC, a leading manufacturer of industrial, medical and specialty gases in the MENA region, has announced the opening of its largest Kuwait-based Carbon Dioxide (CO2) production plant in cooperation with EQUATE Petrochemical Company, Kuwait's first international petrochemical joint-venture.

Located in Shuaiba Industrial Area,this plant will take CO2 from EQUATE'sindustrial complex, and convert it to CO2 for commercial use, including food-grade CO2 for the carbonated beverage industry,among others.

This plant represents a significant investment and commitment towards environmental consciousness from both EQUATE and Gulf Cryo, as the plant will take CO2 and convert it to a reusable resource.The plant is capable of producing 280 tons per day of liquid CO2, and an estimated 110,000 tons of CO2 emission will be saved each year.

Naji Skaf, Chief Executive Officer, GulfCryo, said: "We are seeing a fundamental change in how the CO2 market operates, with a conscious effort across the industrial sector to lower carbon emissions. Increasingly, companies are moving away from using CO2 from fossil fuel, towards more environmentally-friendly CO2 produced from capturing off-gas that would otherwise go into the atmosphere. Working with a global-player like EQUATE is a very positive experience, considering their focus and effort in making environmentally-sound business decisions."

"Our high-capacity plant will capture CO2 from EQUATE's plants, and will enable us to offer high-quality, food-grade CO2 to our customers across the region. This plant will complement our five CO2 hubs in Dubai, Kuwait, Saudi Arabia and Jordan", he added.

EQUATE President and CEO, Mohammad Husain, said, "The partnership between EQUATE and Gulf Cryo in this pioneering industrial and environmental initiative is an additional example of EQUATE's commitment towards the society and local economy. Preserving and protecting the environment is a strategic objective for EQUATE, and this collaboration with Gulf Cryo is an embodiment of our environmental excellence and aligns with our vision of being 'Partners in Success' for further sustainability within and outside Kuwait. Having Gulf Cryo as a partner which shares EQUATE's Mission, Vision and Values is an added-value to our efforts in Kuwait and beyond."

The Gulf Cryo plant, set-up in the Shuaiba Industrial Area of Kuwait, has a pipeline directly to EQUATE's plants. This strengthened engagement between the two companies is built on a long-standing relationship established in 2004

-Ends-

About Gulf Cryo
Gulf Cryo is a closed shareholding company operating in the industrial gas field in the Middle East, founded as the Kuwait Oxygen Company in 1953. Today Gulf Cryois comprised of over 30 production and distribution sites operational in 12 countries, including all of the GCC, Jordan, Syria, Egypt, Iraq, Turkey and Austria. It is one of the leading manufacturer and distributor of industrial, medical, food and speciality gases in the Middle East. Over time Gulf Cryo has secured a position offering total solutions in storage and delivery modes, as well as equipment rental andwith advanced production facilities, it continues to build and maintain an edge in experience, knowledge and technical expertise.

Website: www.gulfcryo.com

About EQUATE
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.

www.equate.com

For all editorial enquiries please contact
Nadine Abdul Malak
Gulf Cryo
T: +971 4 884 8199
E: nmalak@gulfcryo.com
Anit Kurian
ASDA'A Burson-Marsteller
T: +971 4 450 7600
E: anit.kurian@bm.com

Supplementary information
1.Interview and photograph opportunity
Naji Skaf, Chief ExecutiveOfficer, Gulf Cryo

Biography
Naji Skaf is the chief executive officer of Gulf Cryo, having previously held the position of chief operating officer of the group and general manager of Gulf Cryo's UAE subsidiary Arabian Gases during his eight year career at the company. Naji has been fundamental in leading Gulf Cryo's top line growth by implementing a number of major initiatives and improving bottom line results.

Naji started his career at one of the largest industrial gases companies in the industry, where he held various positions in Houston, Paris, and Cairo. His first role was based in Houston where he was in charge of analysing competitive information. He eventually joined the group's headquarters in Paris where he was a key member of the team developing the presence in the Middle East and subsequently, after taking part in the successful acquisition of five local companies, relocated to Cairo to be Egypt's deputy general manager before joining Gulf Cryo in 2004 as the GM of Arabian Gases.

Najiholds a B.Sc from McGill University in Montreal and an MBA from the University of Houston. He is based in Dubai with the corporate team at Gulf Cryo headquarters.

2.Gulf Cryo landmark achievements
•Had the first automated gases filling plant in the region
•Has the largest distribution fleet in the region
•The first ISO certified private industrial gases company in the region
•The first private industrial gases company in the region implementing a management equity plan
•The largest dry ice producer in the region

1)Gulf Cryo history timeline
•1938: Petroleum is discovered.
•1946: Kuwait begins oil development.
•1949: Salim Huneidi and Partners established.
•1953: Salim Huneidi and Partners commence industrial gas trading.
•1953: Kuwait Oxygen and Acetylene Company begin production.
•1971: Kuwait Oxygen and Acetylene Company begin bulk gas operations.
•1977: Arabian Industrial Gases Co. was formed in the UAE.
•1997: Gulf Cryo develops a presence in Jordan.
•1998: Amer Huneidi appointed as Group Chairman.
•2003: Gulf Cryo Holding established.
•2003: Restructuring leads to ten-fold increase in manufacturing capacity.
•2006: Gulf Cryo Qatar established.
•2007: Consolidation and creation of The Huneidi Group of companies.
•2008: Gulf Cryo Saudi established.
•2009: Investcorp purchase 20% share of Gulf Cryo.
•2009: Gulf Cryo Oman established.
•2012: Gulf Cryo Iraq and Gulf CryoEqypt established.
•2013: 60th anniversary celebrations

© Press Release 2015