GPIC beats expectations in 2016

Manama : The Gulf Petrochemical Industries Company (GPIC) exported a total of 1.23 million tonnes of Ammonia, Urea and Methanol in 2016, beating expectation for the year by 3 per cent, amid challenges posed by the global economy and stiff competitions. 

GPIC President Dr. Abdulrahman Jawahery said this was also an increase of 11pc of what was exported in 2015, when it was 1.01 million tonnes.

“Market fluctuations, challenges of Chinese exports and the instability of balance of supply and demand were not able to affect GPIC’s performance,” said Dr. Jawahery while thanking the ambitious approach of its Board of Directors and the commitment of staff. 

Throughout the year, the company exported 712,179 tons of Urea, 443,729 tons of Methanol and 78,218 tonnes of Ammonia, according to a statement released by GPIC, yesterday. 

Dr. Jawahery said these results were achieved in about 5,364 working days without a lost time accident, which is equivalent to more than 24.9 million hours.

The company also exported 348,472 tonnes of Urea to the emerging Brazilian market, which is the largest amount to be exported since the start of production. 

Brazil also accounted for the largest share of the company’s total exports at 49pc, followed by the United States a share of 19pc and Taiwan which had a share of 15pc. All the exports were on board 65 vessels that left Bahrain shores.

Explaining, Dr. Jawahery revealed the last quarter of the year achieved a record production of 206,000 tonnes of Urea, of which 179,000 tonnes was exported, exceeding the 170,000 tonnes exported in 2015 by 5 percent. 

The company produced 117,000 tonnes of Ammonia during the last quarter of the year, of which 17,900 tonnes was exported, exceeding the 2015 figure of 12,354 thousand tonnes. Another milestone represented the production of 113,000 tonnes of Methanol during the same period.