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26 March 2017

The Gulf Petrochemical Industries Company (GPIC) held its 38th Ordinary General Meeting (AGM) on March 23.

Company Chairman H.E. Dr. Ahmed Al Sharyan presided over the meeting that was attended by Mr. Talal Isa Al-Sultan as a representative of the Petrochemical Industries Company (PIC) of Kuwait and Mr. Khalid Bin Ali Al-Qarni from the Saudi Basic Industries Company (SABIC).

During the meeting, the General Assembly approved the Board of Directors' report on the Company's business for last year as well as the auditor’s report. Shareholders expressed satisfaction and appreciation at the Company’s financial position and its achievements at the local, regional and international levels as well as its active social responsibility role.

The General Assembly thanked and expressed gratitude to His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister and His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, for their continued support and care for the Company's operational and community programmes.

The General assembly praised efforts of the Board of Directors, the Executive Management and all employees for their outstanding performance during the year. It said they worked diligently in perfect team spirit, demonstrating commitment to the success of the Company's operations.

The Chairman said the Company continued its achievements in 2016 and efforts resulted in a reduction in spending and an increase in production in spite of the challenges faced by the petrochemical industry. He said the Company exceeded all production targets set by its Board of Directors.

The Chairman praised the close cooperation and coordination with PIC and SABIC, which, he said, had a major impact on the smooth flow of exports of the Company's products.

He said the Company exceeded all its targets for the year and even achieved new records. The production of Urea reached 704,003 metric tons, a new record, while Methanol and Ammonia production reached 445,880 metric tons and 467,539 metric tons, respectively. The combined production of the three reached 1,617,422 metric tons – also a new record.

The Chairman said the close co-operation with PIC and SABIC contributed to the smooth export of the Company's products. He said 1,188,824 million tons of the Company's products were shipped on 64 vessels at the best prices.

In a statement, GPIC President Dr. Abdulrahman Jawahery said the Company achieved more than 25 million hours without a lost time accident and that there has been no untoward incident since May 2002.

Dr. Jawahery said the carbon dioxide recovery plant helped the Company reduce carbon emissions and maintain environmental safety according to standards set up by the Bahrain Government in coordination with the Supreme Council for Environment.

Dr. Jawahery said the Company has maintained its maintenance systems, which ensures their necessary operational efficiency. He said GPIC is committed to a plan to periodically replace equipment and evaluate its effectiveness. The President said continuous follow-up of the Company's factories is carried out through a sophisticated and advanced system that monitors operations to ensure factories work at optimum conditions.

Dr. Jawahery spoke about the Company's efforts in the field of training and development of human resources. He mentioned the efforts in training Bahrainis and developing their skills.

He said the training and development centre had been developed into an Academy of Leadership and Learning, which had enhanced the efficiency of human resources and helped them keep abreast of technical and scientific developments. He said a new generation of qualified and practical leaders with the aim of continuing to confirm the Company's success and seize future investment opportunities had taken shape.

The Board of Directors placed on record its appreciation of the local and international awards won by the Company in 2016. The most important was the Arab Award for Social Responsibility in the category of the best companies in the Arab world.