The Urea plant achieved an annual record of 673,681 tonnes of production during 2011, which was the highest output since it went on stream in 1998.
This was announced during the GPIC board of directors 159th ordinary meeting held under the chairmanship of Shaikh Isa bin Ali Al Khalifa, Advisor to HRH the Prime Minister for Industrial and Oil Affairs and GPIC Chairman at the Sofitel Hotel, Zallaq, Bahrain.
The meeting was presided over by Shaikh Isa bin Ali Al Khalifa who conveyed to the Board members the best wishes of Bahrain’s leadership and thanked them for their efforts made during the previous period. He also thanked Ahmed Abdul Rahman Al Sayed, former Board member who had retired for the efforts made during his 15-year tenure. He congratulated Shaikh Fahad bin Salman bin Abdulla Al Khalifa for his appointment as a Board member succeeding Al Sayed.
Speaking about the achievements of GPIC during 2011, the Chairman expressed his thanks and appreciation to all the officials of the Company for the outstanding results made during 2012.
He noted that the Company continued to make excellent results in the areas of occupational safety, health and the environment through focusing on maintaining the highest standards of occupational safety and health. A new record was achieved by registering a total of 14.78million man-hours without lost time accidents, including the contract workers. The Company was able to maintain its clean accident free record since May 2002.
GPIC was able to maintain its investment in the protection of the environment through its high level of productivity following the successful operation of the Carbon Dioxide Recovery Unit, which greatly and directly contributed to the reduction of Carbon Dioxide emissions and increased the output of the Methanol and Urea plants with reduced energy consumption.
All these efforts and initiatives resulted in the Company’s winning numerous awards during 2011 the most important of which was the Chemical Sector Award from the Royal Society for the Prevention of Accidents (RoSPA) UK for the tenth successive time.
Thanks to the close co-operation with the marketers in Saudi Arabia (SABIC) and Petrochemical Industries Company Kuwait, the Company was able to enjoy a high flow of exports with a total of 1.17 million tonnes of products exported on board 61 ships.
Owing to the significant records of safe operation and strict measures for rationalisation of expenditure and the high level of manpower qualification, GPIC realised $265 million profit, an increase of $127 million compared to 2010, which equals an increase of 48% in net profits. These figures will be presented to the Ordinary General Meeting due to be held on 21st March, 2012 in the Kingdom of Bahrain.
Given the intensive training policy and Bahrainisation plans, GPIC now has a 92% Bahrainisation level at the end of 2011, which includes the trainees.
The meeting was adjourned after approving recommendations to be referred to the General Meeting scheduled to be held in March 2012.
Shaikh Isa bin Ali Al Khalifa in a statement that he was pleased to chair the Company’s first meeting for 2012 with the members of the Board of Directors from the Kingdom of Bahrain, Saudi Arabia and State of Kuwait. He said he conveyed to members of the Board the best wishes of His Royal Highness Prince Khalifa bin Salman Al Khalifa, Prime Minister and thanked them for their continuous efforts for development and growth of this major industrial edifice, which is considered as an embodiment of the successful joint Gulf co-operation. He added His Highness highly values and appreciates the positive performance of the Company and its achievements in the area of training and development of national manpower, as well as protection of the environment. The GPIC Chairman reiterated the keenness of the Government to support the Company’s future plans for further expansion of its operations.
His Excellency said the Board discussed the topics included in the agenda and expressed satisfaction towards the Company’s strong financial position during the first quarter of this year. The Board was also briefed about the Company’s operations, production and exports from the GPIC Complex.
Commenting on the Company’s achievements, the Chairman said a close look at the Company’s records during the previous years show that all these achievements could not have been possible without the strong support and directives of the wise leadership which made this success possible. He expressed his thanks to His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander.
He also expressed his thanks to the Shareholders for the major role they played in the success of the Company’s operations and marketing activities, namely the National Oil & Gas Authority, Kingdom of Bahrain, Saudi Basic Industries Corporation (SABIC) of Saudi Arabia and Petrochemical Industries Company, State of Kuwait.
HE GPIC Chairman expressed his thanks and appreciation for the close co-operation enjoyed by the Company from the marketers and the tremendous efforts made by his colleagues the Board members. It is thanks to their prudent policies and total professionalism for the growth and prosperity enjoyed by the Company, he added.
Shaikh Isa bin Ali Al Khalifa praised the sincere efforts of the executive management and all the Company’s employees for their high level of performance and the teamwork spirit that demonstrated the loyalty to the Company. Their input has been instrumental in GPIC’s sense of social corporate responsibility and maintaining the excellent records of operations, maintenance and profitability.