GPIC reaffirms commitment to petrochemical industry at 47th Annual General Meeting

TDT | Manama

Email: mail@newsofbahrain.com

Gulf Petrochemical Industries Company (GPIC) reinforced its commitment to supporting and developing the petrochemical sector in Bahrain and the wider region during its 47th Annual General Meeting.

The meeting was chaired by Kamal bin Ahmed Mohammed, Chairman of the Board.

At the outset, the Chairman expressed deep gratitude for the unwavering support of the Nation’s wise Leadership, Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, as well as the contributions of the company’s shareholders and their representatives.

Representatives of the shareholders—including Bapco Energies from the Kingdom of Bahrain, SABIC Agri-Nutrients Investment Company from the Kingdom of Saudi Arabia, and Petrochemical Industries Company from the State of Kuwait—commended GPIC’s performance.

Strong operational performance in 2024

Operational excellence was a key driver of GPIC’s success in 2024, with all three production plants exceeding budget expectations: urea by 3.81%, ammonia by 1.21%, and methanol by 0.82%. Equipment upgrades, enhanced production systems, and innovative solutions helped the company achieve a total output of 1.7 million tonnes of ammonia, urea, and methanol, of which 1.2 million tonnes were exported via 63 shipments. These achievements contributed to a net profit of $74 million for the year while maintaining strict cost controls without compromising safety, health, training, or production efficiency.

Sustainability and corporate recognition

GPIC received several prestigious awards at local, regional, and international levels in 2024, including the HR Summit Award for Best CSR Practices.

A major sustainability initiative was the installation of solar panels on parking facility rooftops within the complex, expected to generate 1,072 MWh annually, supporting energy sustainability and reducing the company’s carbon footprint. Additionally, GPIC expanded its Mangrove Tree Plantation project, planting over 100,000 mangrove trees to align with Bahrain’s national carbon neutrality goals.

Acknowledging contributions and future outlook

CEO Yasser Al Abbasi praised the dedication of the executive management and employees, crediting their efforts for GPIC’s continued success.

The 47th Annual General Meeting was attended by Dr. Osama Al-Rais from Bapco Energies representing Bahrain, Ms. Hanadi Ahmed Al-Sindi from Kuwait’s Petrochemical Industries Company, and Mr. Iyad Abdulaziz Al-Shaiban from SABIC Agri-Nutrients Investment Company in Saudi Arabia. During the meeting, shareholders approved the distribution of partial dividends, the Board of Directors’ report on the company’s activities for 2024, and the external auditor’s report.