The shareholders of the GPIC endorsed the board’s recommendation for distributing the $138 million profits made by the company during 2010.
Shaikh Isa bin Ali Al Khalifa, advisor to HRH the Prime Minister for Oil and industrial Affairs and GPIC Chairman announced that the Company made $138 million in net profits in 2010, an increase of $33 million over the profits made in 2009.
This was announced after the shareholders of the company ratified the financials for the 2010 during the 32nd general assembly held in Bahrain.
The Chairman said that GPIC was able to maintain its impressive safety record by registering 12.147, million working hours without lost time accidents for its workers and the Contractors’ workers.
GPIC Chairman expressed his sincere thanks and appreciation to His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince Deputy Supreme Commander for their continuous support of the Company’s operations and activities.
The 32nd Ordinary General Meeting was held under the Chairmanship of Shaikh Mohamed bin Ahmed Al Khalifa, Board member of the National Oil and Gas Authority representing the Bahraini side. The Kuwaiti side was represented by Talal Isa Al Sultan, Finance Manager of the Petrochemical Industries Company of the State of Kuwait. Saudi Arabia was represented at the meeting by Fawaz bin Mohamed Al Fawaz, Vice Chairman for Finance at Saudi Basic Industries Corporation (SABIC).
The GPIC General Meeting expressed its thanks and appreciation to His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince Deputy Supreme Commander for their continuous support of the Company’s activities.
During the meeting, the board of directors renewed their full confidence and support to the Company’s ambitious plan for expansion of its plants and launch of new projects according to the Strategic Plan 2020.
Abdul Rahman Jawahery, GPIC President said the Company continued in 2010 to make significant achievements that resulted in reduction of expenditure and increased production that led to making higher levels of profits in spite of the challenges facing the petrochemical industry worldwide.
He added that the company completed during the year the plant turnaround during which numerous equipment, systems and facilities were replaced by more advanced items to ensure more safety and reliability. During the process, all the major equipment and the catalysts were replaced in the plants. Such investment resulted in achievi9ng a plant utilization factor of 105.8% while the operational continuity factor achieved a level of 100% enabling the Company to produce a total of 1,475,892 tons of ammonia, urea and methanol. The urea plant achieved the highest annual output since its commissioning in 1998 totalling 629,371 tons during 2010.
Jawahery said all the plants were able to achieve the production targets for the year with an increased daily output of 5% as a result of the continuous upgrading of the plants and increased reliability thanks to the commissioning of the CO2 plant, which significantly contributed to limiting CO2 emissions. The plant currently recycles around 450 tons of CO2 daily for use in manufacture operations.
He added the profits achieved were due to the sincere efforts made by the employees towards the continuous reduction of expenditure and production costs while developing the production levels in addition to the close co-operation with the marketers Saudi Basic Industries Corporation (SABIC) of Saudi Arabia and Petrochemical Industries Company of Kuwait, which significantly impacted the flow of exporting the Company’s products. The Company was able to ship a total of 1,133,618 tons of products on board 60 vessels.
Jawahery stressed that the Company was committed to the protection of the environment which was further enhanced with the successful operation of the CO2 Plant. The most recent environmental project launched by GPIC was the Olive Trees oasis which was opened by Her Majesty Queen Margaret II during her recent visit to the GPIC Complex.
During the last five years, GPIC was able to achieve its optimum performance levels winning the admiration of petrochemical industry leaders worldwide, thanks to the support and assistance received by the Company from the Bahrain leadership.