Manama: Bahrain-based Gulf Petrochemical Industries Company (GPIC) has exceeded its export and production targets for the first quarter of the year despite the decline in global prices, the company’s top official has said.
The company, which is an equal stakes joint venture of Bahrain’s nogaholding, Saudi Basic Industries Corporation (Sabic) and the Petrochemical Industries Company (PIC) of Kuwait, uses locally available natural gas for the production of ammonia, urea and methanol – its sole products.
A statement quoted GPIC president Dr Abdulrahman Jawahery as saying that the company produced 407,000 metric tonnes of ammonia, urea and methanol in the first quarter, surpassing its target by 5.5 per cent.
The company shipped 320,000 metric tonnes of products, an increase of 9.2pc over what had been planned.
“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,” said Dr Jawahery.
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.
Dr Jawahery said this led to better financial returns despite the difficult conditions experienced by global markets since 2010.
Coordinated efforts between GPIC and its marketers – PIC, which markets ammonia and urea, and Sabic, which markets methanol – ensured scheduling of export shipments in line with inventory, he added.
GPIC has, meanwhile, maintained its market share in the US which continues to be the largest market for the company’s products.
It exported 119,000 metric tonnes to the US, which translates to 37pc of total exports.
He said the company had faced all challenges successfully and had made plans in keeping with all conditions.
GPIC also continues to move at a steady pace in accordance with plans set to achieve desired goals in occupational safety and health and in creating a safe working environment, added Dr Jawahery.
The company achieved more than 23 million hours, the equivalent of 5,090 working days without any lost time accident.