Gulf Petrochemical annual net profit to drop 17.5 percent
The Bahrain-based Gulf Petrochemical Industries Company (GPIC) expects a net profit of $33 million for 2001, significantly lower than the $40 million it had recorded in 2000. GPIC officials have refrained from elaborating on the cause of this anticipated 17.5 percent profit decrease, Reuters reported. The company’s net profit jumped more than four fold in 2000, up from nine million dollars the year before.
GPTC also expects to achieve a $57 million operating profit during 2001. The Bahraini Minister of Oil and GPIC Chairman Sheikh Issa Bin Ali Al-Khalifa stated that the company is expected to produce 1.4 million tons of ammonia, urea fertilizer and methanol in 2001, up from 1.3 million tons the previous year. The annual production of ammonia was 425,731 tons, methanol 370,000 tons and urea 536,900 tons for 2000, with total salable quantity standing at 1,025,205 tons, reported Bahrain Tribune.
During the year 2000, GPIC exports exceeded one million tons, according to the company’s annual report. This quantity was exported utilizing seven ammonia, 23 urea and 490 methanol ships. The company paid $36 million in dividend to its shareholders for 2000, up from nine million dollars in 1999.
GPIC was established in 1979 as an equal partnership between the Bahrain National Oil Company, Saudi Basic Industries Corporation (SABIC) and the Kuwaiti Petrochemical Industries Co. The company’s initial capital was set at 60 million Bahraini Dinars ($159 million. The company’s 600,000 square meter petrochemical complex is situated in Sitra, on the northeast coast of Bahrain. — (menareport.com)
© 2001 Mena Report (www.menareport.com)