The Gulf Petrochemical Industries Company (GPIC) has supplied its high quality Methanol to a United Arab Emirates-based Company, Golden Star, as part of its support to encourage small and medium enterprises.
This is the first time such a deal has been struck with a regional Company. GPIC usually exports most of its 1.2 million tonnes of annual production, including 40,000 tonnes of Methanol, as well as Ammonia and Urea, to international markets.
Company Managing Director H.E. Mr. Ibrahim Al Musaiteer expressed happiness at the development and said it was a new step on cooperation with local markets.
He said he hoped the agreement would be a prelude to further cooperation with local and regional companies, especially since GPIC's products are of high quality and in great demand from international markets.
In a statement, GPIC President Dr. Abdulrahman Jawahery said the agreement is of great importance since it is part of the Company’s support for regional industries and its encouragement for all types of manufacturing.
He said the support reflects positively on the development the region’s economy in general and the industrial sector in particular, and is in line with the thinking of Bahrain’s wise leadership that looks at translating into reality the kingdom’s 2030 Economic Vision.
He said the region boasts of many investment opportunities in all sectors, among which the industrial sector takes on its role of supporting the local economies, which contributes to the diversifying sources of national income, besides contributing to providing trained manpower. This helps encourage and attract investors and to establish fruitful and successful projects.
Dr. Jawahery said Methanol is the main ingredient in several petrochemical products. This, he said, is manufactured with formaldehyde and acetic acid as a raw material. It is also used in pharmaceuticals and plastics and is the main material main used as fuel when using methanol for power generation applications. Methanol, he added, is also an ultra-clean fuel used in some machines and automobiles.
Dr. Jawahery said he was delighted GPIC was contributing to Bahrain’s economy and said he hoped other industrial projects would strengthening their role and contribution of the private sector and the national economy, at the same time creating employment for local manpower.
Golden Star is a private Company set up in 1999. It specialises in the food trade industry and has been involved in several activities like food service, distribution, wholesale, exports, ship chandelling and retail.
It exports its products to over 18 countries in the Gulf Cooperation Council (GCC), Southeast Asia, Europe and North America.
It needs around 1,200 tonnes of methanol annually.