GPIC exceeds production and export targets in Q1

Manama, Apr. 6 (BNA): The Gulf Petrochemical Industries Company (GPIC) continued to meet its export targets for Ammonia, Methanol and Urea since the beginning of the year in spite of the decline in global prices, Company President Dr. Abdulrahman Jawahery has said. "The targets were met in spite of falling demand and the significant increase in production. This was an imposing challenge for the producers since such a situation had not been seen for several years." Dr. Jawahery was speaking as he outlined the Company’s achievements in the first quarter of this year and the challenges witnessed by the Company in meeting its laid down objectives, while maintaining the highest standards of quality. He said the Company had faced all challenges successfully and had made plans in keeping with all conditions. Dr. Jawahery said despite all the difficulties the Company continued to move at a steady pace in accordance with the plans set to achieve the desired goals in occupational safety and health and in creating a safe working environment. The President said GPIC had been able to achieve more than 23 million hours, the equivalent of 5,090 working days without any lost time accident and stressed the achievement is proof of the safety procedures the Company has in place. He spoke about the significance of the high level of awareness among employees and to perform maintenance work at the many units. Dr. Jawahery said the Company produced 407,000 metric tons of Ammonia, Urea and Methanol in the first quarter of this year, surpassing its target by 5.5 per cent. He said this was possible due to regular maintenance work to ensure continuous production as well as the efforts of qualified and trained workers who had helped ensure all the targets were met and even exceeded. The President said GPIC had achieved another milestone in exports by shipping 320,000 metric tonnes of products, an increase of 9.2 per cent over what had been planned. He said this was a significant achievement in light of the current challenges and also reflected the harmony in marketing plans. Dr. Jawahery said this led to better financial returns despite the difficult conditions experienced by global markets since 2010. Dr. Jawahery also spoke about the continuous coordination between GPIC its marketers, the Petrochemical Industries Company of Kuwait, which markets Ammonia and Urea and the Saudi Basic Industries Company, which markets Methanol. He praised their role in scheduling of export shipments in line with inventory. GPIC has, meanwhile, maintained its market share in the United States and continued to maintain its position as the largest market for the Company’s products by exporting 119,000 metric tonnes, which translates to 37 per cent of the total exports. Dr. Jawahery spoke about his pride at GPIC’s recent achievement in getting an award of excellence in safety and said it reaffirms the Company’s approach on safety and follows up on the Board of Directors’ approach to keep up with the latest technology. He praised the efforts of the members of the Executive Management and all employees of the Company and the Labour Union for their outstanding performance and dedication to work and for boosting the Company's performance.