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GPIC’s executive managemant at the plant

Record production lifts GPIC profit to $190m

MANAMA, May 20, 2015

Bahrain-based Gulf Petrochemical Industries Company (GPIC) has posted a 2.25 per cent rise in net profit at $190.2 million for last year, compared with $186 million for 2013.

The profit surge comes on the back of its highest combined annual production since inception, said a report in the Gulf Daily News (GDN), our sister publication.

GPIC is an equal stakes joint venture of Bahrain's Oil and Gas Holding Company (nogaholding), Saudi Basic Industries Corporation (Sabic) and the Petrochemical Industries Company of Kuwait (PIC).

It uses natural gas, available locally, as a basis for the production of ammonia, urea and methanol, which are its sole products.

The company said it produced a total of 1.6 million tonnes of ammonia, urea and methanol combined during the year.

Over the last year, working in co-operation with Sabic and PIC in the marketing of products and in operations, GPIC said it exported a total of more than 1.2 million tonnes of products via 66 ships.

Last year also saw the company post its highest-ever cumulative saleable production of ammonia, urea and methanol combined at 1.2 million tonnes.

GPIC also set a new milestone of more than 18.7 million work hours without a lost time accident (LTA).

In a statement, the Prime Minister's Adviser for Oil and Industrial Affairs and GPIC chairman Shaikh Isa bin Ali Al Khalifa said the company continued to grow at a steady pace and received significant recognition in Bahrain, the region and across the world.

"The year was one of diverse and outstanding achievements," he said, the most notable being the new LTA record, in the making since May 2002.

Shaikh Isa said the company's profits and other achievements reflected the "impressive performance and the safety and reliability of its factories on the one hand, and the efficiency of the executive management and employees on the other".

The chairman said GPIC continued to give high priority to the development of human capital.

"We have consistently provided all our employees with the best possible working environment and have adopted a comprehensive plan designed to meet all functional expectations."

The company remains committed to continuous process improvement and development, aimed at excellence in all business processes, particularly management systems, he said.

Meanwhile, the Gulf Petrochemicals and Chemicals Association (GPCA) has forecast that as mega-projects for plastics and fertilisers come onstream, petrochemical production capacity in the Arabian Gulf is expected to hit 198.6m tonnes by the end of this decade.

Capacity has grown nearly four-fold since 2000, to 147.2 million tonnes last year.

"The GCC petrochemical industry has consistently exported around 80 per cent of its products in the last five years, counting the EU has a major market after Asia," said GPCA secretary general Dr Abdulwahab Al Sadoun, during a roundtable discussion hosted by Federation of GCC Chambers in Riyadh earlier this month. - TradeArabia News Service




Tags: profit | GPIC | production | surge | record |

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