GPIC reports $212m profits
Manama, March 17, 2013
The Bahrain-based Gulf Petrochemical Industries Company (GPIC) reported a profit of $212 million last year, which will be distributed to its shareholders, it has been revealed.
The company managed to cut costs and increase production during the year, GPIC president Abdulrahman Jawahery was quoted as saying by the Gulf Daily News, our sister newspaper.
It produced a combined 1,454,298 tonnes of ammonia, urea, and methanol, the highest-ever in the company's history.
He said 1,106,093 tonnes of company products were shipped on board 64 vessels to destinations all over the world, which was again a record.
"The company also received the Low Risk System Harbour Award from Hunter Quality Solutions of New Zealand and added to its list of global quality certifications with the ISO 31000 Institutional Risk Management Certification," Jawahery said.
He said a number of major capital projects were implemented in addition to mandatory tests of the high-pressure equipment.
"The maintenance investments amounted to more than $59m, including replacement of important modules and capital projects, which enabled restoration of the plants at key safety and reliability levels, coupled with increased production."
Company board chairman and Adviser to His Royal Highness the Prime Minister for Industrial and Oil Affairs, Shaikh Isa bin Ali Al Khalifa, said in addition, the GPIC completed a record 14,417,194 man-hours without any lost time incidents.
In a statement after the company's ordinary general meeting, Shaikh Isa said several projects on occupational health and safety as well as other safety procedures were successfully implemented during the year.
National Oil and Gas Holding Company chief executive officer Shaikh Mohammed bin Khalifa Al Khalifa presided over the meeting. - TradeArabia News Service