GPIC production beats prediction?

Gulf Petrochemical Industries Co. (GPIC) is set to maintain its productivity rates of urea, with prices exceeding $500 per tonne, an increase of 4 per cent over company predictions, through September 2011.As for ammonia, the company has achieved an increase of 3pc over planned production, the company's top executive said yesterday.Speaking on the company's achievements in the production and export of urea and ammonia, GPIC President Abdulrahman Jawahery said this was possible due to uninterrupted plant operation, bearing witness to the safety measures taken by the company, periodic maintenance of the plants on time and efficiently.Mr. Jawahery began his talk by addressing the recent demand-supply scenario for fertilisers and their raw materials. "It is difficult to predict future trends in the markets and the price curve, although we are fully aware of factors affecting the balance of supply and demand." He continued by outlining growth at the level of price and demand, of urea in particular, which is of strategic importance to the agricultural sector as it contributes to the enhancement of global food security.According to him, petrochemical exports to subsidiary markets will continue to grow in the coming years, with the Arabian Gulf becoming a more important urea exporting area, with total exports from the region running at about 10 million tonnes annually.Urea exports for the period amounted to 452,000 tonnes, Mr. Jawahery said which reflects the company's success in meeting customer obligations in addition to achieving its declared strategic objectives.The US receives the largest share of GPIC's total exports (about 49pc, followed by Australia at 18pc and India at 10pc).Talking about the ammonia market, Mr. Jawahery said the total volume of global trade of ammonia is about 20 million tonnes, with India being one of the largest importers and a strategic market for GPIC. India accounts for 41pc of the company's exports of Ammonia. Due to rising prices of the commodity, which have recently exceeded $600 per tonne, the company has been able to cash in.Mr. Jawahery insisted that the achievements would not have been possible without the support of the board, chaired by Shaikh Isa bin Ali Al Khalifa, Advisor for Oil and Industrial Affairs to HRH the Prime Minister.Further, the President praised the outstanding level of cooperation between GPIC and Petrochemical Industries in Kuwait, an affiliate firm authorised to market the company's products. The partnership has played a great role in the success of the company.