GPIC exceeds export targets in Q4 2017
Exports increased by 1.18mn tonnes, corresponding to an increase of 1.6%, rather than the expected 1%, from the value for 2016.
The Gulf Petrochemical Industries Company (GPIC) has announced that it has exceeded its export targets for the fourth quarter of 2017 by selling abroad 1.2mn tonnes of ammonia, urea and methanol.
Bahrain News Agency (BNA) reported that exports increased by 1.18mn tonnes, corresponding to an increase of 1.6%, rather than the expected 1%, from the value for 2016.
Taiwan accounted for the largest share (17%) of the company’s total exports. Taiwan was followed by India (14%) and the US (12%).
A much as 73,495 metric tonnes of ammonia, 454,200 metric tonnes of methanol and 676,791 tonnes of urea were sold during the period. This was shipped to the final destination on 71 vessels.
In addition, 959 metric tonnes of Urea packed in bags were allocated to the local market to support Bahrain’s agricultural sector.
Dr Abdulrahman A Hussain Jawahery, president, GPIC said that the company had faced several challenges in Q4. This included instability in the supply and demand balance as well as the intense competition.