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25 March 2018

Gulf Petrochemical Industries Company (GPIC) held its 39th Annual General Meeting (AGM) in Bahrain on Thursday (March 22).

Minister of Oil, H.E. Shaikh Mohammed bin Khalifa Al Khalifa, representing the Bahrain side, presided over the meeting. The Kuwaiti side was represented by Finance Manager at the Petrochemical Industries Company Mr. Talal Issa Al-Sultan, while the Saudi side was represented by Saudi Basic Industries Corporation Director, Venture Management, and Joint Ventures Affairs Mr. Ahmed Bin Saleh Al-Duraian.

The General Assembly approved the Board of Directors' report on GPIC's work for 2017 and the report of the auditor. The shareholders expressed satisfaction and appreciation at the Company’s financial position and it achievements at the local, regional and global levels.

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 operations and community programmes.

The General Assembly also commended the efforts of the Board of Directors, the Executive Management and all Company employees for their hard work in a one-family spirit, demonstrating commitment to the success of the Company's operations.

GPIC Board of Directors Chairman H.E. Dr. Ahmed Al Sharyan said the Company continued its achievements in the last year with the combined efforts of all, which resulted in reduced spending and increased production, in spite of the challenges faced by the petrochemical industry. He said the Company also exceeded all production targets.

H.E. Dr. Al Sharyan praised the close cooperation and coordination with the marketers of its products – the Saudi Basic Industries Corporation and the Petrochemical Industries Company of Kuwait. He said this had a major impact on the smooth flow of the Company’s exports.

He said in terms of production, the Company exceeded all its targets for the year, and even achieved new records for the first time. This included the highest daily production of Urea (2,055 metric tonnes) and a new record per month for Methanol (62,300 metric tonnes).

This resulted in a total production of Urea, Ammonia and Methanol reaching 1,604,725 metric tonnes, an increase of 1.4 per cent over the previous year.

He said 1,204,486 million tonnes of the Company's products were shipped on board 71 vessels throughout the year and these fetched the best prices from world markets.

Company President Dr. Abdulrahman Jawahery said the Company achieved a new record of more than 27 million hours without a lost time accident. Thus, he said, the Company had maintained a clean slate since May 2002.

He said the Carbon Dioxide Recovery Unit would continue to operate and help GPIC reduce emissions, while maintaining environmental safety according to the Government of Bahrain standards and in coordination with the Supreme Council for the Environment.

Dr. Jawahery said that the Company has maintained efficiency of its preventive maintenance systems, which ensures necessary operational efficiency for all units. He said GPIC is committed to a decimal plan for renewal and periodic replacement of equipment according to the validity cycle and constantly evaluate its effectiveness. He said there is an advanced system for distribution control and monitoring of operations to ensure factories work at optimum conditions.

Dr. Jawahery spoke about GPIC's efforts in the field of training and development of human resources, and mentioned its efforts in training Bahrainis. He said the training and development centre had been transferred into an academy for leadership and learning and had contributed in enhancing the efficiency of human resources, while keeping abreast of technological and scientific developments. He said a new generation of qualified and practical leaders are being groomed to continue the Company's success.

The Board of Directors spoke of the local, regional and international awards received by the Company during the year, the most important being the Gold Category Queen Elizabeth II Award from the Royal Society for the Prevention of Accidents. Another award, the First Saudi Arabian Environmental Management Award, was given to GPIC for environmental management in the Islamic world in the private sector.

The Company received the Arab Award for Social Responsibility in the category of the best companies in the Arab world and for best partnership and cooperation programmes between the private and the public sector.

The Company has now become a source of admiration for the petrochemical industry worldwide, thanks to the guidance and support from Bahrain’s wise leadership, its shareholders and Board of Directors.