Bahrain-based Gulf Petrochemical Industries Company (GPIC) earned record profits of $40 million in 2000, a performance attributed by Oil and Industry Minister and GPIC chairman Shaikh Isa bin Ali Al Khalifa to cost rationalisation and enhanced productivity.

Shaikh Isa also attributed the record performance to continuous, reliable and efficient operations, production and exports, while maintaining the highest safety and security standards. The company had registered a profit of $9 million in 1999.

The minister praised the efforts of the employees, which, he said, resulted in the rationalisation of costs and enhanced productivity. Shaikh Isa also hailed the company's extensive efforts to train Bahrainis and to develop the workforce while giving priority to occupational safety and health.

"This is wonderful day for the chemical industry in Bahrain," said GPIC general manager Mustafa Al Sayed.

"All the efforts put in over the years to enhance reliability and profitability in our operations are now bearing fruit."

GPIC manufactures ammonia and methanol products at Sitra and has a urea plant, which absorbs most of the ammonia produced by the company as raw material for urea production.

GPIC's success over the past two decades won praise at a celebration in Manama to mark the company's 21st anniversary.

Managing director Mohamed Al Terkait presented a certificate of honour to general manager Dr Al Sayed for his role in making GPIC one of the most successful industrial ventures in the Gulf. Outstanding and long-serving employees of the company were also honoured at the ceremony, held under Shaikh Isa's patronage.