MANAMA, 15 October 2006 — Bahrain’s Gulf Petrochemical Industries Company (GPIC) reported yesterday record Q3 net profits of $108 million. The results of this year’s first 9 months represented an increase of 30 percent over 2005, as the total plant output increased by 15 percent to 1.1 million tons. Total exports also increased by 22 percent compared to the same period last year.
GPIC chairman and adviser to Bahrain’s prime minister for industry and oil affairs, Sheikh Isa Bin Ali Al-Khalifa, said that the company was currently considering investment opportunities that it hoped to be feasible when submitted to the partners.
The company also hopes to secure sufficient allocation of gas for its operations at a competitive rate to meet requirements of the necessary expansion.
Sheikh Isa who described the results realized in the 9 months period as a “record figures by all standards” said that such results of hard work and cooperation between the management, employees and the GPIC labor union.
The joint venture is equally owned by the government of Bahrain through the National Oil and Gas Authority, the industrial regional giant Saudi Basic Industries Corporation, and the Petrochemical Industries Company of Kuwait. GPIC uses natural gas, which is readily available in Bahrain as a feedstock for the production of 1,200 tons daily of ammonia (400,000 tons per annum), 1,700 tons daily of urea (600,000 tons per annum) and 1,200 tons of methanol (400,000 tons per annum).
