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08 February 2017

The Gulf Petrochemical Industries Company (GPIC), which rationalised spending and expenses in the light of global market challenges and in an effort to continue its usual business, celebrated 11 per cent savings it achieved in procurement and contracts.

GPIC Managing Director H.E. Mr. Ibrahim Al Musaiteer and President Dr. Abdulrahman Jawahery attended the ceremony along with members of the Executive Management, representatives of the Labour Union, employees and officials.

The Managing Director said the achievement comes as a result of the Company’s flexible policies and strategies, which have ensured it set in place rationalization and cost cutting procedures. He said this has been done by transforming losses into profits and through negotiations. He thanked the executive management for having risen to the challenges and ensuring efficient and high professionalism during tasks and operations at all of GPIC’s facilities.

In a statement, Dr. Jawahery said the achievement was the result of a balanced, strategic and flexible policy set up by the Board of Directors and the Management, who have been keen to apply these with precision. He expressed appreciation for the Labour Union and their co-operation in a one-family spirit that led to the great success of the drive.

He said GPIC had been able to achieve the savings in expenses in the purchasing sector, where the Company relied on direct negotiations with suppliers and contractors to get the best possible rates in terms of quality and price.

Dr. Jawahery said he was optimistic about improvement in the global economic situation, especially with the gradual improvement in the price of oil. He said he hoped the markets would recover soon and reflect positively on the oil, fertilizer and petrochemical industry.

GPIC has, in recent years, seen an increase in production, which resulted in achieving record numbers also in employment, exports, maintenance and safety, making the Company an example of a clean and successful regional entity.

As a result of awareness and commitment to follow-up on safety measures and by adopting a principle of safety as one of the elements of its success, GPIC achieved a record of continuous working hours without a lost time accident as well.