GPIC holds 37th general assembly meeting

The Gulf Petrochemical Industries Company (GPIC) has held its 37th regular General Assembly Meeting in the Kingdom of Bahrain under the Chairmanship of Dr. Ahmed Al Sharyan.
While Talal Issa Sultan attended the Meeting as a representative of the Saudi Basic Industries Company (SABIC), Khalid bin Ali Al-Qarni took part on behalf of the Petrochemical Industries Company of Kuwait (PIC).
The Meeting on March 17 approved the Board of Directors Report on the Company’s business operations in 2015 as well as the Auditor’s Report. Shareholders expressed satisfaction and appreciation for the Company’s financial stability and excellence and its good reputation at the local, regional and global level.

The Company’s General Assembly thanked His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, His Royal Highness Prince Khalifa bin Salman Al Khalifa, Prime Minister and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister for their support of the Company’s programmes.

The Company’s General Assembly commended the work of the Board of Directors and the Executive Management for their outstanding performance in 2015 and said they had all demonstrated exemplary commitment and team spirit, which resulted in the Company gaining significantly.

Dr. Al Sharyan said the Company continued with its achievements and this resulted in an increase in production, which led to a profit of $47.5 in spite of the challenges faced by the global Petrochemical industry. He said GPIC was able to achieve all targets for the year and produced 1.5 million tons of Ammonia, Urea and Methanol. Dr. Al Sharyan praised the close co-operation between GPIC partners –Sabic and PIC – and said this had a great impact on the Company’s operations running smoothly, with 1.1 million tonnes of its products being shipped globally on board 57 ships.

The Chairman said the Company’s exports of Ammonia, Urea and Methanol was a total of 1,090,204 metric tons, which included 41,210 metric tons of Ammonia, 414,805 metric tons of Methanol and 635,124 metric tons of Urea. A total of 935 metric tons was also sold in the local Bahrain market.

GPIC President Dr. Abdulrahman Jawahery said the Company had also set a new record of 22 million work hours without a lost time accident since May 2002, in the process exporting its products to the United States, Latin America, Australia, China, India and Singapore, among others.

He said the state-of-the-art Carbon Dioxide Extraction Plant also helped reduce carbon dioxide emissions and maintain the integrity of the environment according to the standards set up by the Supreme Council for the Environment.

Dr. Jawahery said GPIC is committed to a comprehensive to renew and replace its equipment periodically and continuously performs maintenance of its sophisticated and advanced systems so that the plant works at its optimum capacity at all times.

Dr. Jawahery outlined the Company’s efforts in the development of human resources and spoke about the training of Bahrainis, which had reached 90 per cent. He said the Company’s Academy of Leadership and Learning had helped enhance the efficiency of human resources and to keep up with technical and scientific developments.

He said a new generation of qualified leaders are being trained to continue with the Company’s successes and take advantage of future investment opportunities. He said the Company has won the award given by the Ministry of Labour as being the best in Bahrain among institutions offering vocational training and human resources development.

The Board of Directors applauded the Company for having won local and international Awards during the year. These include the Excellence Award for Occupational Health and Safety Award awarded by Britain’s Royal Society for the Prevention of Accidents; the GCC Responsible Care Award; the Shaikh Mohammed bin Rashid Al Maktoum Award for Excellence in the category of business for the industry in the GCC; the 2015 Arab award for social responsibility for being the best Company in the Arab world given by the Arabic Network for Social Responsibility institutions and the Arab award for social responsibility for the best programme of partnership and cooperation between the public sector and the private sector.

The Meeting put on record its appreciation of Dr. Al Sharyan and Dr. Jawahery for having been awarded His Majesty’s Medal for exemplary service to Bahrain.

GPIC, over the last few years, has been able to reach the peak of its performance in the Petrochemical industry with the guidance and support of Bahrain’s wise Leadership the Shareholders and the Board of Directors.