GPIC achieves 2015 targets and marketing goals

Manama: GPIC announced it has realised all its marketing goals and targets during 2015, despite witnessing a paradigm shift in global fertiliser and petrochemical market dynamics influenced by the sharp decline in oil prices and lower interest rates. 

According to the GPIC annual report, the US, once again, proved to be the biggest importer for GPIC products during the year, with nearly 421,623 tons, or 39 per cent, share of the total exports of GPIC destined for the strategic market. The US was followed by Brazil 15pc and Taiwan 11pc. The company also said it was also able to enhance and further expand its products presence in some new emerging market e.g Turkey.

During 2015, the GPIC’s sales of ammonia, granular urea and methanol totalled 1,091,139 tons, which included 41,210 tons of ammonia, 414,805 tons of methanol and 635,124 tons of granular urea, out of which 935 tons of bagged urea were sold in the local Bahraini Market.

This brought the total GPIC ammonia and methanol exports to world markets since the company’s inception in 1985 to nearly 6.5 million tons of ammonia and 12.4m tons of methanol. The GPIC’s urea exports since the takeoff of its urea operations in 1998 now total around 10.8m tons, while the cumulative total of all products exported from GPIC now exceed 29.7m tons.

The Austrailian Quarantine and Inspection Service (AQIS) audit was carried out in November 2015, and GPIC Urea Jetty was recertified as level 1 marine, GPIC annual report stated. During 2015, global market activity showed mixed signs with the pace of growth remaining uneven across major economies around the world, influenced by the sharp decline in oil prices and lower interest rates.