GPIC KHALEEJIEH Issue 63

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News_Letter_Eng_Oct. 07

30/10/07

4:18 PM

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Shaikh Khalifa Bin Salman Al Khalifa Award for Excellence in Industry

Issue (63) October 2007

REG.No. IGPI 021

GPIC Achieves Record Net Profits of US$137 Million in Third Quarter of 2007 An increase of 27% over same Period of 2006

H

H.E. Shaikh Isa bin Ali Al Khalifa

E Shaikh Isa bin Ali Al Khalifa, Advisor to HH the Prime Minister for Industrial and Oil Affairs and GPIC Chairman said the company had made a record US$137 million in net profits during the third quarter of this year, which was 27% higher than profits made by the company during the same period of 2006.

This milestone comes after GPIC continued to operate its plants at record levels and in total safety while taking advantage of successfully exporting its high quality products to the international markets. During the third quarter of this year, GPIC was able to export 334,000 tonnes of Ammonia, 464,000 tonnes of Urea and 300,000 tonnes of Methanol, bringing the total production during the third quarter to 1,098,000 tonnes. The company succeeded in exporting a total of 815,000 tonnes of its products, which was 20% higher than the planned level. HE Shaikh Isa said he was proud of these achievements

that were considered as a continuation of the successes made in previous years, reflecting the company's steady steps towards realising its objectives and the goals of the shareholders to raise the company's profitability. He also expressed his confidence in the company's ability to realise further achievements since it pursued a scientific approach in its performance and owing to its belief in having the proper mechanisms, strategies and plans in place which were derived from detailed studies of the markets and their future trends. Speaking about the markets to which the Ammonia, Urea and Methanol products were exported during the third quarter of this year, Mr. Abdul Rahman Jawahery, General Manager, said GPIC exported a total of 269,000 tonnes of product to the US market including 201,000 tonnes of Urea and 68,000 tonnes of Methanol, and to Australia a total of 115,000 tonnes of Urea. Exports to the Republic of India totalled 95,000 tonnes including 67,000 tonnes of Ammonia and 28,000 tonnes of Urea. Exports to the Far East markets totalled 287,000 tonnes including 97,000 tonnes of Urea and 190,000 tonnes of Methanol. Exports to the Middle East totalled 41,000 tonnes including 6,000 tonnes of Ammonia and 34,000 tonnes of Methanol. The company exported 7,000 tonnes of Methanol to Mediterranean markets. Cont. on page 30

Newsletter published by the Public Relations Dept. of Gulf Petrochemical Industries Co. P.O. Box 26730, Kingdom of Bahrain Website: www.gpic.com, e-mail: gpic@gpic.com


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