gpca annual report 2006

About GPCA

GPCA was established on 1st March 2006

to address the need for close co-operation

and exchange of information especially on

issues such as safety, environment,

sustainable development, training and

maintenance among the Gulf Petrochemical

& Chemical Industries.

GPCA is the regional voice of the Gulf’s

Petrochemical and Chemical Industry and

aims to serve as the regional platform for

information exchange.

• GPCA membership gives you access to a much-needed networking platform in an increasingly competitive global business scenario

• The membership allows you to be part of an organisation giving you access to leading petrochemical companies and associations

• Members have access to exclusive GPCA Forums, Seminars and Workshops at privileged prices

• Members have access to an industry data bank and can download special reports, white papers, case studies etc.

• The membership gives you the opportunity to raise key issues affecting the petrochemical business through GPCA committees and/or the same being discussed by key people who can contribute to positive change

• GPCA members are updated on new trends and developments in HR, logistics, supply chain management, e-business etc.

• Members can share and contribute to the development of industry best practices e.g. contribute to and implement Responsible Care in the region

Benefits of being a GPCA Member

G P C A A n n u a l R e p o r t 2 0 0 6 2

The Gulf Petrochemicals and Chemicals Association (GPCA) plays a pivotal role in furthering the cause of the petrochemical and chemical industry in the Gulf Region.

The various roles of GPCA are enumerated below:

Represent the common interests of the Gulf Region’s petrochemical and chemical IndustryThe GPCA takes a proactive role in the debate on a wide range of industry issues. With the backing of all leading petrochemical manufacturers and allied companies in the Gulf and Middle East, GPCA’s vision is aimed at promoting co-operation and information-sharing among its stakeholders and the community.

Compile, share and exchange resources, knowledge, opinions and experienceAn association of petrochemical and chemical manufacturers, allied industries and service providers, the GPCA members exchange ideas, knowledge, experience and opinions to shape and define the industry’s future and direction. The GPCA offers its members access to a network of tools, resources, industry contacts and an accumulated databank of relevant industry case studies and best practice. The networking opportunities help the members in sharing knowledge, exchanging opinions and experiences.

Assist and encourage new scientific research and studiesThe GPCA assists and encourages focused research and development programmes to advance ideas or products in a mutually beneficial manner so that the business environment is conducive to industry growth. Through networking events, topical industry relevant conferences and access to the membership database for specialist advice and research, the GPCA aims to encourage research related to the industry and provide solutions to scientific and technical issues. A specially equipped ‘members only’ area in the GPCA website will allow its members exclusive access to a vast array of information on the industry.

Promote human resource developmentGPCA plays a major role in promoting human resource development within the industry and organises industrial conferences and seminars. Through all these endeavours, it promotes relationships and co-operation among companies and institutions related to the industry. This helps in improving the overall efficiency and effectiveness of HR functions across all member companies through awareness, accountability and improved systems implementation.

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Organise industrial conferences, seminars and exhibitionsGPCA organises various conferences like the GPCA Annual Forum, and other seminars and networking events which are designed to address key issues facing the industry. At the same time, these seminars, exhibitions and conferences provide the GPCA members access to information, knowledge and experience not generally available to the industry at large. The GPCA forums and conferences facilitate networking and provide unique platforms for idea exchange to chalk out the future course of the industry.

Act as an industry spokespersonThe GPCA membership is composed of those interested in and able to influence the development of the petrochemical, chemical and allied industries. Within a year of its inception, the GPCA has become the regional voice in all matters of public interest and general concern to enhance understanding of the petrochemical industry among the media, stakeholders and the community.

Issue reports and analytical market studiesThe GPCA is constantly working to expand and deepen the level of knowledge available to its members. It analyses the global and regional markets for key petrochemical and chemical data on a continual basis, providing a comprehensive study of long-term industry, analytical reports and historical market reviews.

Promote understanding of the industry’s contribution to economic, environmental and social progressGPCA aims to promote a deep understanding of the role and contribution of the petrochemical industry to the economic, social development as well as safeguarding the environment. The association is already active in ensuring that its members meet the needs of the present without compromising the interests of the future generations. The key objectives are social progress which recognises the needs of everyone, effective protection of the environment, prudent use of natural resources and maintenance of high and stable levels of economic growth.


Let me introduce to you the 1st Annual Report of Gulf Petrochemicals and Chemicals Association (GPCA). As the first Chairman of GPCA, it is a privilege and honour for me to showcase the achievements of our association in our first year of operations.

Since GPCA’s official launch in March 2006, we have steadfastly represented the industry in the region, encompassing leading petrochemical manufacturers and allied companies in the Gulf and beyond.

In the changed global marketplace, the importance of Middle East in the petrochemical and chemical sector cannot be ignored. We are proud to be playing a pivotal role in promoting co-operation, understanding and information-sharing among our stakeholders and the community.

In the very first year of inception, we have effectively taken centre stage by becoming the regional voice in matters of industry interest and general concern.

Thanks to your valuable partnership, we have grown into a strong, vibrant association, extending a vast array of networking opportunities to meet and share knowledge, exchange opinions and experiences.

The petrochemical and chemical sector has a unique role to play in society and I am convinced that by listening, learning and engaging with our members, stakeholders and the public at large, we will be able to continue to secure its long-term success.

The formation of GPCA last year saw the dawn of a new era of co-operation among our members, associated vendors, government bodies and our stakeholders. It is now time to leverage our presence, foster competent human resources, promote creative organisation culture and innovate every business unit in order to ensure a brighter and more prosperous future for all.

Dear Members,

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With our shareholder’s interest and encouragement, the unwavering trust and loyalty of our members as well as the dedication of our employees, we have been able to create the best value in the regional petrochemical industry.

As a spokesperson for the industry, GPCA has a vision to widen its impact amongst the support service providers, such as financial institutions, technology providers, educational facilities etc., to achieve efficient industrial integration across the region. The continuous dialogue would eventually help the industry to reach out to opinion leaders at large.

We are on the threshold of an interesting growth phase, which will make GPCA the most representative petrochemical association that is recognised on a global scale.

I would request you all to review the Annual Report and I look forward to your suggestions on how we can build on our strong foundation.

I would like to wish our members and GPCA continued success in all their endeavours.

Mohamed H. Al-MadyChairman, GPCA


Dear GPCA Members,

For many reasons, 2006 will be remembered as the beginning of a whole new chapter for the petrochemical and chemical industry in the Middle East. 2006 heralded the establishment of Gulf Petrochemicals and Chemicals Association (GPCA) started in right earnest with the board meeting to discuss the appointment of the first Chairman, Vice Chairman and Treasurer, the initial business planning and the budget for 2006, the organisation structure, endorsement of the membership annual fee, the appointment and brief background of the designated Secretary General and his remuneration, an agreement on the second board meeting. On March 1st 2006 the Founders’ General Assembly was convened and the following decisions were discussed:

1. Appointment of the Chairman Mr. Mohamed H. Al Mady, Vice Chairman Mr. Hamad Al Terkait and the Treasurer Mr. Hubert Puchner

2. Initial business planning and budget for the year 2006

3. Membership Annual Fee

4. Organisational Structure

5. Appointment of the designated Secretary General, Mr. Abdullah S.Bin Zaid Al Hagbani and fixing of his remuneration

6. Endorsement of the Board of Directors as per 7.2 of the Article of Association

7. Formal announcement of the formation of the association

After discussion and reviewing the Article of Association the General Assembly unanimously decided to endorse all the above points.

GPCA thus established has made rapid progress and its formation has served to be a major step for an industry reinforcing its position as the global manufacturing centre for basic petrochemicals, based on the region’s huge hydrocarbon reserves that include 62% and 40% of the world’s oil and gas reserves, respectively.

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G P C A A n n u a l R e p o r t 2 0 0 6

GPCA as the much-needed representative body for the petrochemical and chemical industry comes at the most opportune time when the Gulf is developing a vibrant downstream industry. State-owned companies, frequently in joint ventures with overseas partners, have traditionally played the leading role in regional investments but the private sector is also becoming a major force, particularly in development of intermediates and specialty chemicals, and in the downstream processing sector.

The Gulf is now one of the largest producers and exporters of petrochemicals and plastics. Almost half of the Gulf’s petrochemical exports goes to Asia, and about 20% is sold in the Gulf region and the Indian subcontinent. About 14% are shipped to Europe, 10% to the US, and the rest to Australia and South Africa. The Gulf’s main attractions for regional and overseas investors are access to low-cost feedstock, particularly gas, support from local governments for companies willing to invest in export-oriented industries; and a central geographic location with easy reach of high-growth markets in Asia, particularly China and India.

The Gulf States - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) – are attracting the lion’s share of petrochemicals investments in the region, as part of these countries’ plans to diversify the economies. Cumulative investment in the Gulf’s petrochemical industry reached $ 37 billion in 2002, and additional investments totalling more than $ 90 billion are expected by 2010. Further large investments are planned beyond that date.

Half of global ethylene capacity growth will be in the Gulf over the next five years and one-third in Asia. Much of this capacity will be in place by 2010 and ethylene capacity in the Gulf will then account for some 20% of global capacity.

The Gulf also has high market shares in other petrochemical products like methanol, glycol, polypropylene, polyethylene, ammonia and urea.

Given the likelihood that energy and feedstock costs will continue to remain high, there is every reason to believe that production assets will continue to gravitate to the region that offer advantaged feedstocks, and this is a pointer to the increasingly important role GPCA can play as a platform for the petrochemical and chemical industries in the Gulf.

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GPCA ACCOUNTS

The first year of operation marked a good start for GPCA having achieved considerable progress on all fronts. At the end of the first year i.e. 31st December 2006, the surplus income was AED 4.186 Million and GPCA’s employed asset totaled AED 4.967 Million inclusive of AED 2.800 Million Term Deposits. (Please note that as per Article# 9 of the Articles of Association, first financial year of GPCA shall commence as from the date of creation and shall terminate on 31st December of the following year and the audit for the year 2006 was carried out as per the advice of the Board of Directors.)

For the year 2006, GPCA's Gross income was AED 5.742 Million, 12.8% more than the plan (5.090M). The Association took action in the first year of operation to control its budgeted cost which was AED 3.675 Million and the actual operating expenses totalled to AED 1.556 Million only, which was 57% less than the budget.

Although it was the first venture, the net revenue from the 1st GPCA Forum totaled AED 1.223 Million with a total turnover and sponsorships amounting to AED 2.846 Million and the total cost incurred beingAED 0.964 Million. Gross Revenue was AED 1.882 Million and 35% of the same was the share of the Forum co-organiser. Sponsoring and cost control for the Annual Forum resulted in better than the forecasted result.

We are encouraged by the enormous response in our membership drive and anticipate more revenues from membership fee, seminars and conference during our 2nd year of operation.The Association expects to incur some additional expenses during the year 2007 towards membership campaigns and the implementation of the Data Bank Project which will be accessible to members only.

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Ist GPCA ANNUAL FORUM

The first Annual GPCA forum was organised in Dubai on the 16th & 17th of December 2006. The theme for the forum was ‘Development & Opportunities in the GCC’s Petrochemical & Chemical Sectors’.

The forum got over 120 exposures in various media including television. Leading trade publications like Chemical Week, MEED, PCN and ICIS carried special reports on the event. The event was attended by 450 delegates and addressed by some very prominent leaders of theindustry like:

Michael J. Dolan – President, Exxon Mobil Chemical Company, USA who spoke on the topic of ‘Markets for GCC Petrochemicals: A review of Global Petrochemical Demand’

Fran Keeth – Executive Vice President, Shell Chemicals, UK spoke on ‘The petrochemical industry – past & the future’

Khalid M. Al-Falih Senior - Vice President, Saudi Aramco, KSA spoke on ‘Role of NOCs in the development of the Gulf’s Petrochemical Industry partnering for success

Otto Fritzer – CEO, Stolt-Neilson Transportation Group, Netherlands who highlighted the various aspects of ’Shipping and logistics: issues and challenges’

Teresa Budworth – CEO, The National Examination Board in Occupational Safety & Health (NEBOSH), UK addressed the topic of ‘The contribution of competency to securing health and safety in the petrochemical industry’

The other topics discussed during the course of the 2-day forum included: Gas supply and demand in the GCC: an analysis, supply and demand for feedstocks in the GCC from a new project development perspective, future challenges for the industry, talent management for the petrochemical industry, downstream industries - developments & project analysis, refining petro integration: an analysis of the technologies available and the business issues explored, evaluating the health and environmental challenges to the industry

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GPCA’S FUTURE PLANS

In line with our future plans, we wish to unravel a series of long-term strategic initiatives identified as necessary for our continued growth and relevance as a place of opportunity and excellence.

We are currently enhancing our website, which will act as a single window for updates on the activities of GPCA and our industry. The website will be equipped with a ‘members only’ area, allowing members exclusive access to a data bank on the regional industry. It will also serve as a treasure-trove of information, including the Gulf Petrochemical Cluster - a directory of who’s who in the petrochemical industry. The website will also have a provision for industry professionals to upload their CVs and serve as a ready human resource data bank for our members’ perusal.

We wish to play a proactive role in becoming a veritable source of industry information that is not available elsewhere. To this end, GPCA has constituted various sub-committees - Communication & Promotion Committee; Safety, Health & Environment Committee & and Human Resource Development Committee. We have plans to set up two more committees in 2008 covering plastics & logistics.

GPCA also plans to organise a series of seminars / workshops on subjects like Human Resources and Safety, Health & Environment. As part of our initiatives to build awareness and understanding about the industry and the laws governing it, we will soon unveil our newsletter, titled ‘Gulf Chemical Insight’. This quarterly publication will advocate the development, growth and prosperity of the petrochemical and chemical industries as well as related businesses in the Gulf.

The 2nd Annual GPCA Forum will be held at the Grand Hyatt on the 12th & 13th of December 2007 and about 600 delegates are expected to participate. The 2nd Forum will be co-organised by ‘Chemical Week’ magazine.

We thank all our members for their participation in our activities and hope that we can count on your continued support in 2007.

The Board of Directors

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To the members of the Gulf Petrochemicals & Chemicals Association

Independent Auditor’s Report to the Members of GPCA

Income and Expense Statement

Balance Sheet

Cash Flow Statement

Notes to the Financial Statements

1. Activities

2. Significant Accounting Policies

3. Conference Income

4. General and Administrative Expenses

5. Property, Plant and Equipment

6. Accounts receivable and Prepayments

7. Cash and Cash Equivalents

8. End of Service Benefits

9. Accounts Payable and Accruals

10. Related Party Transactions

11. Risk Management

12. Fair Value of Financial Instruments

13. Key Sources of Estimation Uncertainty

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FULL MEMBERS

Petrochemical Producers 25,000.00 15,000.00more than 100 KTA

ASSOCIATE MEMBERS

Petrochemical Producers 10,000.00 5,000.00less than 100 KTA

International Petrochemical 10,000.00 5,000.00Producers (Non-Gulf)

Service Companies for 8,000.00 4,000.00Petrochemical producers

Business Partners 4,000.00 2,000.00

Others (professionals) 100.00 50.00

MEMBERSHIP FEE Admission Annual Fee Fee USD USD

Dear Member Representatives,

I have the pleasure in enclosing, on behalf of the Board of Directors, the Financial Report for the year ending31 December 2006 showing a surplus of AED 4.186 million

The Accounts have been audited by Ernst & Young.

The following membership fees have been decided for 2006 by the Founders’ General Assembly on March 1st, 2006.

The membership fees and the budget for the financial year January-December 2007 will be subject to approval by the Full Members at the 1st General Assembly in Dubai in March 2008. You will receive appropriate documentation later in the year.

Yours faithfully,

HUBERT PUCHNERCEO (Borouge Pte. Ltd)Treasurer

To the members of the Gulf Petrochemicals & Chemicals Association

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We have audited the accompanying financial statements of Gulf Petrochemicals and Chemicals Association (the “Association”), which comprise the balance sheet as at 31 December 2006 and the income and expense statement and cash flow statement for the period then ended, and a summary of significant accounting policies and other explanatory notes.

Management responsibility for the financial statementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Association as of 31 December 2006, and its financial performance and its cash flows for the period then ended in accordance with International Financial Reporting Standards.

Dubai21 March 2007Ernst & Young

INDEPENDENT AUDITORS’ REPORTTO THE MEMBERS OF GULFPETROCHEMICALS AND CHEMICALSASSOCIATION

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1st March to 31st December 2006 Notes AED

Membership fees 4,515,903 Conference income 3 1,223,659

Interest income 3,068

GROSS INCOME 5,742,630 General and administrative expenses 4 (1,542,881) Loss on exchange (13,638) SURPLUS FOR THE PERIOD 4,186,111

STATEMENT OF ACCUMULATED SURPLUS

Surplus for the period 4,186,111

BALANCE AT 31 DECEMBER 4,186,111

Income and expense statementPeriod ended 31st December 2006

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Balance sheetAt 31st December 2006

2006

Notes AED

ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 5 187,830 187,830 Current assetsAccounts receivable and prepayments 6 1,669,133

Bank balances and cash 7 3,110,129 4,779,262

TOTAL ASSETS EMPLOYED 4,967,092

ASSOCIATION RESERVE AND LIABILITIES

Association reserveAccumulated surplus 4,186,111 4,186,111

Non-current liabilitiesEmployees’ end of service benefits 8 4,169

4,169Current liabilitiesAccounts payable and accruals 9 776,812

776,812 Total liabilities 780,981 TOTAL ASSOCIATION RESERVE AND LIABILITIES 4,967,092

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1st March to 31st December 2006

Notes AED

OPERATING ACTIVITIESSurplus for the period 4,186,111 Adjustments for:Depreciation 5 40,814

Provision for employees’ end of service benefits 8 4,169

4,231,094

Working capital changes:Accounts receivable and prepayments (1,669,133) Accounts payable and accruals 776,812

Net cash from operating activities 3,338,773

INVESTING ACTIVITIES

Purchase of property, plant and equipment 5 (228,644)

Net cash used in investing activities (228,644) CASH AND CASH EQUIVALENTS AT 31 DECEMBER 7 3,110,129

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1. ACTIVITIES

Gulf Petrochemicals and Chemicals Association (the “Association”) is registered and incorporated in Dubai. The mission of the Association is to identify, promote and manage the role of Gulf petrochemical and chemical industry and related businesses worldwide. The Association’s registered head office is at P.O. Box 123055, Dubai, United Arab Emirates.

The Association has been formed on 1 March 2006, and these financial statements represent the first period of operations of the Association.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of preparationThe financial statements have been prepared in accordance with International Financial Reporting Standards and applicable requirements of UAE law.

The financial statements have been presented in United Arab Emirates Dirhams.

The financial statements are prepared under the historical cost convention.

IASB Standards and Interpretations issued but not adoptedThe Association has not adopted the new accounting standards or interpretations that have been issued but are not yet effective. These standards and interpretations except for IFRS 7 are not likely to have any significant impact on the financial statements of the Association in the period of their initial application. The application of IFRS 7, which will be effective for the year ending 31 December 2007 will result in amended and additional disclosures relating to financial instruments and associated risks.

Revenue recognitionMembership fee and subscriptions are taken to revenue over the period to which they relate.

Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.

Depreciation is calculated on a straight line basis over the estimated useful lives of the assets as follows:

Leasehold improvements over the lease term

Furniture and fixtures over 3 years

Office equipment over 3 years

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use.

Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised and the carrying amount of the component that is replaced is written off. Other subsequent expenditure is capitalised only when it increases future economic benefits of the related item of property, plant and equipment. All other expenditure is recognised in the income and expense statement as the expense is incurred.

Impairment and uncollectibility of financial assetsAn assessment is made at each balance sheet date to determine whether there is objective evidence that a specific financial asset may be impaired. If such evidence exists, any impairment loss is recognised in the income and expense statement. Impairment is determined as follows:

(a) For assets carried at fair value, impairment is the difference between cost and fair value, less any impairment loss previously recognised in the income and expense statement;

(b) For assets carried at cost, impairment is the difference between carrying value and the present value of future cash flows discounted at the current market rate of return for a similar financial asset;

(c) For assets carried at amortised cost, impairment is the difference between carrying amount and the present value of future cash flows discounted at the original effective interest rate.

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Accounts receivableAccounts receivable are stated at original invoice amount less a provision for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when there is no possibility of recovery.

Cash and cash equivalents For the purpose of the Cash Flow Statement, cash and cash equivalents consist of cash in hand, bank balances, and short-term deposits with an original maturity of three months or less.

Accounts payable and accrualsLiabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not.

ProvisionsProvisions are recognised when the Association has an obligation (legal or constructive) arising from a past event, and the costs to settle the obligation are both probable and able to be reliably measured.

LeasesLeases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease payments are recognised as an expense in the income and expense statement on a straight-line basis over the lease term.

Employees’ end of service benefitsThe Association provides end of service benefits to its employees. The entitlement to these benefits is based upon the employees’ final salary and length of service, subject to the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment.

Foreign currenciesTransactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income and expense statement.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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1st March to 31st December 2006 AED

Turnover and sponsorships 2,846,560Less: Expenses incurred (964,008) Gross profit 1,882,552Less share of organiser (35% of total gross profit) (658,893) 1,223,659

4. GENERAL AND ADMINISTRATIVE EXPENSES 1st March to 31st December 2006

AED

Staff costs 932,018

Functions, conferences and business travel expenses 182,495

Internal control, human resources review and recruitment costs 122,026

Communication expenses 112,962

Miscellaneous expenses 193,380

1,542,881

3. CONFERENCE INCOME

Conference income refers to the net income generated from the 1st Annual GPCA forum held on 16-17th December 2006 at Habtoor Grand Resort & Spa, Dubai, United Arab Emirates. The income and expenses relating to the conference is as follows:

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Leasehold Office Furniture improvements equipment and fixtures Total

AED AED AED AED

Cost Additions 78,085 97,350 53,209 228,644

Balance at 31 December 2006 78,085 97,350 53,209 228,644

Accumulated depreciationDepreciation charge during the period 13,014 18,019 9,781 40,814

Balance at 31 December 2006 13,014 18,019 9,781 40,814

Net carrying amountBalance at 31 December 2006 65,071 79,331 43,428 187,830

31st December 2006

AED

Conference fees receivables 1,227,483

Receivables from members 297,980

Prepaid rents 115,602

Other receivables 28,068

1,669,133

Notes to the financial statementsAt 31st December 2006

5. PROPERTY, PLANT AND EQUIPMENT

6. ACCOUNTS RECEIVABLE AND PREPAYMENTS

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Notes to the financial statementsAt 31st December 2006

31st December 2006

AED Bank balance and cash 310,129

Term deposits 2,800,000

3,110,129 Included in bank balances and cash equivalents are temporary placement which is short term in nature,with an effective interest rate of 5% per annum.


AED

Movements in the provision recognised in the balance sheet are as follows: Provided during the year 4,169

Provision as at 31 December 4,169

An actuarial valuation has not been performed as the net impact of discount rates and futureincreases in benefits is not likely to be material.

7. CASH AND CASH EQUIVALENTS

8. END OF SERVICE BENEFITS

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31st December 2006

AED Payable to Saudi Basic Industries Corporation (SABIC) 689,965

Advances from non-members 15,802

Accrued expenses and other payables 71,045

776,812

10. RELATED PARTY TRANSACTIONS

Compensation of key management personnelThe remuneration of directors and other members of key management during the year was as follows:


AED Short-term benefits 745,830

745,830

9. ACCOUNTS PAYABLE AND ACCRUALS

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11. RISK MANAGEMENT

Interest rate risk The Association is exposed to interest rate risk on its interest bearing assets and liabilities (bank deposits).

Credit riskThe Association seeks to limit its credit risk with respect to customers by setting credit limits for individual customers and monitoring outstanding receivables.

Currency riskThe Association is not exposed to any significant currency risk.

12. FAIR VALUES OF FINANCIAL INSTRUMENTS

Financial instruments comprise financial assets and financial liabilities.

Financial assets consist of cash and bank balances and receivables. Financial liabilities consist of payables and accruals.

The fair values of financial instruments are not materially different from their carrying values.

13. KEY SOURCES OF ESTIMATION UNCERTAINTY

Impairment of accounts receivableAn estimate of the collectible amount of accounts receivable is made when collection of the full amount is no longer probable. For individually significant amounts, this estimation is performed on an individual basis. Amounts which are not individually significant, but which are past due, are assessed collectively and a provision applied according to the length of time past due, based on historical recovery rates.

At the balance sheet date, gross accounts receivable were AED 1,525,463 and the provision for doubtful debts was AED nil. Any difference between the amounts actually collected in future periods and the amounts expected will be recognised in the income and expense statement.

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Regional Membership

Gulf Region

Asia

Africa

Europe

Bahrain

Qatar

Kuwait

United Arab Emirates

Sultanate of Oman

Kingdom of Saudi Arabia

Americas

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GPCA organisation is made up of the following principal structures:

The Annual General AssemblyThe Board of Directors

The Annual General AssemblyThe GPCA shall have a General Assembly consisting of all the Official Representatives of the Members to be convened at least once a year during the four months following the end of the financial year of GPCA by a notice and at a location to be given by the Board of Directors (the “Annual General Assembly”).The agenda of the Annual General Assembly shall include the following matters:

a) Elect and appoint the Board of Directors (when appropriate)

b) Determine the admission fees and annual membership fees for Full Members and Associate Members

c) Approve and examine previous years accounts and GPCA’s Annual Report

d) Any other matters the Board of Directors deems necessary.

The Board of Directors The GPCA shall be managed by a Board of Directors comprised of at least seven (7) and a maximum of fifteen (15) persons to be elected by the General Assembly from amongst persons nominated by the Full Members. The Board of Directors shall comprise of at least one Full Member from each country in the Gulf Region. The members of the Board of Directors shall be elected for a period of three (3) years and may stand for re-election at the end of the initial term of office.

The Board of Directors shall comprise amongst its members the Chairman and Vice Chairman of the Board of Directors, who shall be elected by the majority of the Board of Directors. The chairmanship of the Board of Directors shall be for a minimum period of two years and a maximum of three years.

The Board of Directors shall, at least four times a year, convene its meetings at the head office of GPCA or any other places as decided by the Board of Directors.

The Board of Directors may establish such procedures as it sees fit for conducting its business and regulating its affairs and may, in the absence of the Chairman of the Board of Directors appoint one of its members as Chairman for the time being of the Board and may revoke that appointment.

The Board reflects the composition of the GPCA membership base. In each of these categories industry leaders are selected to be a part of the Board, both for the importance of the relevant member company and the seniority of the individual Board member.

The Board also establishes the yearly accounts, budget and GPCA membership fees and proposes the same for the approval to the Ordinary General Meeting of the Full Members.

The Board decides in which projects of interest GPCA should participate, establishes the GPCA meeting fees and assists the Secretary General in the organisation of the business sessions of the Annual Meetings.

The Secretary GeneralThe Board of Directors shall have the right to appoint a Secretary General to the GPCA who shall be responsible for the daily management of GPCA and the implementation of the resolutions of the Board of Directors. The Secretary General may be appointed from amongst the members of the Board of Directors or outside. The Board of Directors may also appoint other committees and working groups drawn from the staff of the Members of GPCA which are tasked to look after a particular area of common interest to the Members of GPCA.

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STEERING COMMITTEE

Steering committee members will comprise of maximum eight members which will include the Secretary General.

The purpose of the committee is to reveiw, plan and support all the activities of the association, liaise with the Board Members and the Secretary General of the Association, lead the working committee, develop strategies for the Association and offer recommendations regarding the issues and agenda items to the Board.

SUB COMMITTEES

GPCA has constituted various sub committees which are chaired by members of the steering committee.

The sub committees are as follows:

1) Communication & Promotion Committee chaired by EQUATE

2) Human Resource Development Committee chaired by GPIC

3) Safety, Health & Environment Committee chaired by a representative of Borouge

Each of the above committees are run as per a charter.

2 more committees are envisioned to be established by 2008 which will cover the plastics and logistics field.

Officer

Logistics Plastics

Administration Functional

HumanResourcesDevelopmentCommittee

Safety,Health&EnvironmentCommittee

IndustrialCommitteeCommunication&PromotionCommittee

Officer

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ABDULLAHS.BINZAIDALHAGBANI

SecretaryGeneral

SUDHIRTHOMASPANICKERWorkingCommittees

Co-ordinator

ASHRAFNADUPARAMBATHAdministration&FinanceOfficer

GAURAVPAULPromotionManager

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Chairman

2006 - Till present Mohamed H. Al Mady SABIC Kingdom of Saudi Arabia

Vice Chairman

2006 - Till present Hamad Al Terkait EQUATE Kuwait

Treasurer

March 2006 - Feb 2007 Hubert Puchner BOROUGE Singapore

March 2007 - Till present Harri Bucht BOROUGE UAE

Secretary General

2006 - Till present Abdullah S. Bin Zaid Al Hagbani

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GPCA membership includes:

Full MembersLarge scale petrochemicals and chemicals related producers in the Gulf region with more than 100 KTA production capacity

Admission Fee USD 25,000Annual Fee USD 15,000

Associate MembersSmall scale petrochemicals and chemicals related producers in the Gulf region with less than 100 KTA production capacity


International Petrochemical Producers (Non-Gulf)


Service companies for petrochemical producersDownstream companies/organisations which do not produce petrochemicals or chemicals but which are involved in associated activit ies l ike Shipping, Marketing, Engineering, Construction, Financing of petrochemicals/ chemicals


Business PartnersCompanies/organisations directly involved in petrochemical and chemical trade/industry


Others/ProfessionalsAny other company/entity/person not coming under the above categories

Admission Fee USD 100Annual Fee USD 50

An updated list of members can be found on the website www.gpca.org.ae

The Official RepresentativeThe Official Representative represents the member company she or he works for within the association. Official Representatives of Full Members have a vote at General Meetings. The Official Representative ensures the transmission of GPCA information to all relevant company units and persons involved in GPCA activities.

A printed copy of the GPCA Articles of Association is available upon request. It can also be downloaded from our website www.gpca.org.ae

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Full Members

Associate Members

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BAHRAINGulf Petrochemical Industries Company (GPIC)P.O. Box 26730ManamaKingdom of Bahrain T: + 973 17731777 F: + 973 17731047www.gpic.comMr. Yusuf E. Fakhroo

KINGDOM OF SAUDI ARABIAAl Jubail Fertilizer Company (ALBAYRONI)P.O. Box 10046Jubail Industrial City 31961Kingdom of Saudi ArabiaT: + 966 3 3406342F: + 966 3 3416100www.sabic.comMr. Abdullah A. Al Bakr

Al Jubail Petrochemical Co. (KEMYA)P.O. Box 10084Jubail Industrial City 31961Kingdom of Saudi ArabiaT: + 966 3 3576363F: + 966 3 3576353www.sabic.comMr. Abdulaziz S. Al Humaid

Alujain CorporationP.O. Box 50575Future Business Center, 2nd FloorAl Amanah StreetAl Ruwais Dist.Jeddah 21533Kingdom of Saudi Arabia T: + 966 2 6529919F: + 966 2 6529949www.alujaincorporation.comMr. Eduardo G. Wagan

Arabian Petrochemical Co. (PETROKEMYA) P.O. Box 10002 Jubail Industrial CityKingdom of Saudi Arabia T: + 966 3 3587000 F: + 966 3 3584480www.sabic.com Mr. Abdul Aziz N. Al Majed

Eastern Petrochemical Company (SHARQ) P. O. Box 10035Jubail Industrial City 31961Kingdom of Saudi Arabia T: + 966 3 3575000 F: + 966 3 3580383www.sabic.com Mr. Mussaed S. Al Ghamdi

NAMA Chemicals P. O. Box 11919 Al Jubail Industrial City Al Jubail 31961Kingdom of Saudi Arabia T: + 966 3 3478888 F: + 966 3 3478666www.nama.com.sa Mr. Abdulmohsen Al Ogaili

National Petrochemical Industrialization Company (TASNEE) P.O. Box. 26707Riyadh 11496Kingdom of Saudi Arabia T: + 966 1 4734559-302 F: + 966 1 4734580www.tasnee.com Mr. Walid Al Hammad

National Petrochemical Industrial Co. (NATPET) P. O. Box 2824Jeddah 21461Kingdom of Saudi Arabia T: + 966 2 6442668 F: + 966 2 6442475www.netpet-pp.comDr. Ahmed Bukhari

Rabigh Refining & Petrochemical (PETRORABIGH) East Park 1 R-235, Building 7002 Dhahran 31311Kingdom of Saudi Arabia T: + 966 3 8625667 F: + 966 3 8625600www.aramco.com Mr. Saad F. Al Dosari

Safra Co. Ltd. P. O. Box 2824Jeddah 21461Kingdom of Saudi Arabia T: + 966 2 6444090 F: + 966 2 6431214www.safraco.com Mr. Khalid Zagzoog

Saudi Basic Industries Corporation (SABIC) P.O. Box. 5101 Riyadh 11422Kingdom of Saudi Arabia T: + 966 1 2258000 F: + 966 1 2259000www.sabic.com Mr. Hamood A. Al Tuwaijiri

Saudi FormaldyhydeChemicals Co. P.O. Box 3139 Dammam 31471Kingdom of Saudi Arabia T: + 966 3 8344259 F: + 966 3 8344259www.saudiform.com Eng. Mazen K. Allahiq Al Nuaimi

Zamil Group Holding Co. P.O. Box 251 Riyadh 11411 T: + 966 1 4725555 F: + 966 1 4766729www.zamil.com Eng. Osama Abdulaziz Al Zamil

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KUWAIT Petrochemical Industries Company (PIC) P.O. Box 1084 SafatKuwait T: + 965 3211000 F: + 965 3211522www.pic.com.kw Mr. Kamal Behbehani

QATAR Qatar Fertilizer Co. (QAFCO) P. O. Box 50001 Mesaieed DohaQatar T: + 974 4779294 F: + 974 4770119www.qafco.com Mr. Khalifa Abdulla Al Sowaidi

Qatar Petrochemicals Company Ltd. (QAPCO) P. O. Box 756DohaQatar T: + 974 4242444 F: + 974 4242421www.qapco.comMr. Abdulrahman Ali Al Abdullah

Qatar Vinyl Company (QVC) P.O. Box 24440 DohaQatar T: + 974 4765888 F: + 974 4765704www.qvc.com.qa Mr. Hamad Rashed Al Nuaimi

SULTANATE OF OMANOman India Fertiliser Co. SAOC(OMIFCO)P. O. Box 67Sur 411Sultanate of OmanT: + 968 25532011 F: + 968 25562849www.omifco.comMr. Adil Sakhi Mahmood

UNITED ARAB EMIRATES Borouge P.O. Box 6951 Sh. Khalifa Energy ComplexCorniche Road, Abu DhabiUnited Arab Emirates T: + 971 2 6070888 F: + 971 2 6070889www.borouge.comMr. Harri Bucht

The Dow Chemical Company P.O. Box 7893 Al Attar Business Tower Sh. Zayed Road DubaiUnited Arab Emirates T: + 971 4 3328866 F: + 971 4 3328280www.dow.com Mr. Earl Shipp

UNITED STATES OF AMERICAExxon Mobil Chemical Company 13501 Katy Freeway CORP-EMCC-W1-372 Houston, TexasUnited States of AmericaT: + 1 281 8706075 F: + 1 281 5884772www.exxonmobilchemical.com Mr. Walt Buchholtz


CANADAMethanex Corporation 1800 Waterfront Centre 200 Burrard Street Vancouver, BCCanada T: + 1 60 46612607 F: + 1 60 48955353www.methanex.comMr. John Floren

CHINAChina Petrochemical Tech. Co. Ltd. (SINOPEC) No. 58 Anwai Street Dengcheng Dist. Beijing 100011China T: + 86 10 84275259 F: + 86 10 84271847www.sinopec.com.cnMr. Lin Kezhi

EGYPTOriental Petrochemicals Company P.O. Box 83 Suez, El SuezEgypt T: + 20 101682010 F: + 20 101660275www.opcegypt.com Mr. Hesham Raafat

GERMANYBASF Aktiengesellschaft Carl - Bosch - Strasse 38 Ludwigshafen 67056Germany T: + 49 62160 0 F: + 49 62142525www.basf.com Dr. Thorsten Iske

INDIAAdani Enterprises Ltd.The Eagle's FlightSuren Road, Andheri (East)Mumbai 400093IndiaT: + 91 22 26836969F: + 91 22 26833838www.adanigroup.comMr. Ashish Tawakley

Daga Global Chemicals 112, Dattani Trade Centre Chandravarkar RoadBorivali (West) Mumbai 400092India T: + 91 22 28920909 F: + 91 22 28911013www.dagaglobal.com Mr. Satyen Daga

Finolex D-1/10, MIDC, ChinchwadPune 411019India T: + 91 20 27408201 F: + 91 20 27463567www.finolex.com Mr. Saurabh S. Dhanorkar

Oil and Natural Gas Corporation Ltd (ONGC) 7th Floor, Bank of Baroda Bldg. 16 Parliament StreetConnaught Place New Delhi 110001India T: + 91 11 23715291 F: + 91 11 23737645www.ongcindia.comMr. B. Guha

Reliance Industries Limited Hirachand Marg Ballard Estate Mumbai 400001India T: + 91 22 22847334 F: + 91 22 22847990www.ril.com Mr. Kamal P. Nanavaty

Supreme Petrochem Ltd. 5th Floor, Bldg. No. 11 Chakala, Andheri (East) Mumbai 400093India T: + 91 22 67710000 F: + 91 22 67091924www.supreme.co.in Mr. Mahaveerprasad S. Taparia

JAPANJapan Saudi ArabiaMethanol Co. Inc. Tokyo Sakurada Bldg, 1-3 Nishi-Shinbashi, 1-Chome Minato-KuTokyo 105-0003 Japan T: + 8133 5933541 F: + 8133 5933544Mr. Yutaka Ohashi

KINGDOM OF SAUDI ARABIAAl Jabr - Talke Ltd.P.O. Box 10610Jubail Industrial City 31961Kingdom of Saudi ArabiaT: + 966 3 3473222F: + 966 3 3472555www.aljabr-talke.comMr. Christoh Grunert

Al Majdouie DerijkeLogistics Co. Ltd.P.O. Box 336Ibn Khalddon StreetDammam 31411Kingdom of Saudi ArabiaT: + 966 3 8424814F: + 966 3 8427196www.almajdouie.comMr. Bernard van den Wouwer

Aldrees Petroleum & Transport Services CompanyP.O. Box 43011Al Nadeem AreaRiyadh 43011Kingdom of Saudi ArabiaT: + 966 1 4899999F: + 966 1 4898888www.aldrees.comMr. Tawfique Ahmed Al Muzain

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Gulf Stabilizers Industries P.O. Box 35625 Jubail Industrial City 31961Kingdom of Saudi Arabia T: + 966 3 3417727 F: + 966 3 3416033www.gsi.com.sa Mr. Ahmed Mahmood Khan

National ChemicalCarriers Ltd. Co. P. O. Box 8931 301, Old Akariyah Bldg. Sitteen St Malaz Area RiyadhKingdom of Saudi Arabia T: + 966 1 477 3934 F: + 966 1 476 4328www.ncc-riyadh.com.sa Mr. Abdullah M. Mohanna

Royal Commission forJubail & Yanbu P. O. Box 5964Riyadh 11432Kingdom of Saudi Arabia T: + 966 1 4746691 F: + 966 1 4793471www.rcjy.gov.saMr. Mubarak A. Al Mubarak

Sabic Terminal Services Co. (SABTANK) P. O. Box 10135 Jubail Industrial City 31961Kingdom of Saudi Arabia T: + 966 3 3579000 F: + 966 3 3575406www.sabic.com Mr. Yousef A. Al Mubarrazi

Saudi Aramco P. O. Box 5000 B - 3301, North Park 2 Dhahran 31311Kingdom of Saudi Arabia T: + 966 3 8741700 F: + 966 3 8741737www.aramco.comMr. Abdullah O. Al Baiz

Saudi Industrial Export Company (SIEC) P. O. Box 21977 Riyadh 11485Kingdom of Saudi Arabia T: + 966 1 4058080 F: + 966 1 4022854www.siec.com.saMr. Abdullah M. Al Khenaifer

The National Environmental Preservation Co. (BeeA´h) P.O. Box. 10628 Jubail Industrial City 31961Kingdom of Saudi Arabia T: + 966 3 3588008 F: + 966 3 3588584www.beeah.comMr. Saad I. Al Inaizi

The National Shipping Company of Saudi Arabia P.O. Box 8931 Bldg. No. 569, Sitteen St.Malaz Area Riyadh 11492Kingdom of Saudi Arabia T: + 966 1 4785454 F: + 966 1 4778036www.nscsa.com.sa Mr. Saleh A. Al Shamekh

KUWAITEquate Petrochemical Company (EQUATE) P.O. Nox. 4733 Safat 13048 Kuwait T: + 965 4343666 F: + 965 4312559www.equate.comMr. Adel Y. S. Al Munifi

International Chemical Group P.O Box 14214 Kuwait 72853Kuwait T: + 965 2449696 F: + 965 2449494 Mr. Jamal Khalid Al Gharabally

Kuwait National Petroleum Co. P.O. Box 13001 Mina Abdulla Refinery SafatKuwait T: + 968 3203200 F: + 968 3280282www.knpc.comMr. Abdul Mohsen Khajah

NETHERLANDSBasell Hoeksteen 66 Hoofddorp 213ZMSHolland T: + 31 20316579 F: + 31 204468941www.basell.com Mr. R.W.B. Blaisse

PAKISTANInternational Chemplast Suite #509 Progressive PlazaBeaumont Road Karachi 75530Pakistan T: + 92 21 111325325 F: + 92 21 5656591 Mr. Ali Asghar

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QATARGulf Organization for Industrial Consulting (GOIC) P.O. Box 5114DohaQatar T: + 974 4858888 F: + 974 4831465www.goic.org.qa Mr. Ahmed Khalil Al Mutawa

Qatar Navigation P. O. Box 153 61 Althameen Road, West Bay DohaQatar T: + 974 4949890 F: + 974 4835224www.qatarnav.comMr. Najeeb Khalifa Al Sada

Total Petrochemicals P.O. Box 5177 DohaQatar T: + 974 4417373 F: + 974 4415151www.totalpetrochemicals.comMr. Philippe van Doren

SINGAPOREENGC Pool 78 Shenton Way #17-03 Lippo CentreSingapore T: + 65 62266006 F: + 65 62339071www.engc.comMr. Jakob Bode

SOUTH KOREASamsung Engineering Co. Ltd. Samsung SEI Tower 467-14 Dogok-Zdong, Gangnam - Gu Seoul 135-856South Korea T: + 822 34583323 F: + 822 34584051www.samsungengineering.co.krMr. Namyong Hur

TURKEYChemorbis Ataturk Cad 72/16 Seref Yazgon Is Merk Istanbul 34736 KozyatagiTurkey T: + 902 164681025 F: + 902 163605788www.chemorbis.com Mr. Mirza Kadic

SULTANATE OF OMANSaeed Ali Al Barmani P.O. Box 143SoharSultanate of OmanT: + 968 95162826F: + 968 26750222 Mr. Saeed Ali Al Barmani

UNITED ARAB EMIRATESAbu Dhabi Oil Refining Co. (TAKREER)P.O. Box 3593 Abu DhabiUnited Arab EmiratesT: + 971 2 6027040F: + 971 2 6027050www.takreer.com/englishMr. Ismail Al Mulla

Amana Contracting & Steel BuildingsP. O. Box 1151261803, Moosa Tower 2Sh. Zayed RoadDubaiUnited Arab EmiratesT: + 971 4 3327731F: + 971 4 3327721www.amanabuildings.comMr. Jad Aoun

Chemical Market Associates Inc. (CMAI) P.O. Box 500395DubaiUnited Arab Emirates T: + 971 4 3912931 F: + 971 4 3916476www.cmaiglobal.com Mr. Patrick Rooney

Contax Fz LLC P. O. Box 500104 G11- G13, Bldg. 11, DIC DubaiUnited Arab EmiratesT: + 971 4 3910547 F: + 971 4 3910545www.contaxgroup.com Mr. Paul Eccleston

DMCC P. O. Box 48800 Level 19, Emirates TowersSh. Zayed Road DubaiUnited Arab Emirates T: + 971 4 3903899 F: + 971 4 3903897www.dmcc.ae Mr. James Bernard

ENOC International Sales LLC P.O. Box 6442 ENOC Complex, Sh. Rashid Rd. DubaiUnited Arab Emirates T: + 971 4 3374400 F: + 971 4 3134178www.enoc.com Mr. Kamal Said

Esnaad P.O. Box 46121 Mussafah Industrial Area Abu DhabiUnited Arab Emirates T: + 971 2 6029000 F: + 971 2 6029010www.esnaad.comMr. Darwish Al Qubaisi

Gulf Navigation Holding P.O. Box 49651 #4C, City Centre Offices DubaiUnited Arab Emirates T: + 971 4 2958610 F: + 971 4 2943290www.gulfnav.com Mr. Ghazi Al Ibrahim

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Honeywell Middle East P.O. Box 45595 Abu DhabiUnited Arab Emirates T: + 971 2 4041349 F: + 971 2 4432536www.honeywell.comMs. Zakia Demaghelatrous

Kemsol Ltd. P.O. Box 18295DubaiUnited Arab Emirates T: + 971 4 8839800 F: + 971 4 8839910www.kemsoluae.comMr. Asit Gunwantlal Shah

MEGlobal P.O. Box 293615 21, Burjuman TowerTrade Centre Road DubaiUnited Arab Emirates T: + 971 4 508818F: + 971 4 3328280www.meglobal.bizMr. Henry F. Roth

Odfjell Dubai P.O. Box 576 Al Mina Road DubaiUnited Arab Emirates T: + 971 4 3519785 F: + 971 4 3519756www.odfjell.com Mr. Erik Nilsen

Petrochem Middle East P. O. Box 23910 1603 City Tower 2Sh. Zayed Road DubaiUnited Arab Emirates T: + 971 4 3329192 F: + 971 4 3329200www.petrocheme.comMr. Yogesh Mehta

Rakha Al Khaleej Intl. LLC P. O. Box 55157DubaiUnited Arab Emirates T: + 971 4 3977999 F: + 971 4 3972555www.rai-uae.comMs. Barkha Ahuja

Shell Chemicals Arabia P.O. Box 307 1403, City Tower 2Sh. Zayed Road DubaiUnited Arab Emirates T: + 971 4 3316500 F: + 971 4 3321597www.shell.com/chemicalsMr. Aman Amanpour

Stolt Nielson Trasnportation Group P.O. Box 8612 API Tower, Sh. Zayed Road DubaiUnited Arab Emirates T: + 971 4 3328444 F: + 971 4 3328555www.sntg.comMr. Atle Sebjornsen

United Arab Shipping P.O. Box 55586DubaiUnited Arab Emirates T: + 971 4 2952227 F: + 971 4 2954026www.uasc.netMr. Waleed Al Dawood

UOP Middle East Co. P.O. Box 9248 25th Floor, World Trade Centre DubaiUnited Arab Emirates T: + 971 4 3313841 F: + 971 4 3317033www.uop.comMr. Raza Jawad

UNITED KINGDOMSempra Metals Ltd.111 Old Broad Street London EC2N ISG T: + 44 2078477615 F: + 44 2078477777www.semprametals.com Mr. Ryan Younger

UNITED STATES OF AMERICASRI Consulting 4300 Bohannon Drive #200 Menlo Park CA 94025United States of America T: + 1 650 3844000 F: + 1 650 3301190www.sriconsulting.com Mr. John Pearson


Al Mulla, Ismail 37Al Bakr, Abdullah A. 33Al Humaid, Abdulaziz S. 33Al Muzain, Tawfique Ahmed 35Aoun, Jad 37Al Majed, Abdul Aziz N. 33Al Ghamdi, Mussaed S. 33Al Munifi, Adel Y. S. 36 Al Qubaisi, Darwish 37 Al Ibrahim, Ghazi 37Al Mutawa, Ahmed Khalil 37Al Gharabally, Jamal Khalid 36 Asghar, Ali 36Al Barmani, Saeed Ali 37Al Ogaili, Abdulmohsen 33Al Hammad, Walid 33Al Sowaidi, Khalifa Abdulla 34 Al Sada, Najeeb Khalifa 37Al Abdullah, Abdulrahman Ali 34Al Nuaimi, Hamad Rashed 34 Al Dosari, Saad F. 33 Ahuja, Barkha 38Al Mubarak, Mubarak A. 36Al Mubarrazi, Yousef A. 36 Al Inaizi, Saad I. 36Al Shamekh, Saleh A. 36Al Dawood, Waleed 38Al Zamil, Osama Abdulaziz (Eng.) 33Amanpour, Aman 38

Blaisse, R.W.B. 36 Bucht, Harri 34Bernard, James 37 Behbehani, Kamal 34Bode, Jakob 37Bukhari, Ahmed (Dr.) 33

Daga, Satyen 35Dhanorkar, Saurabh S. 35 Demaghelatrous, Zakia 38

Eccleston, Paul 37

Fakhroo, Yousef 33 Floren, John 35

Grunert, Christoh 35Guha, B. 35

Hur, Namyong 37

Iske, Thorsten (Dr.) 35

Jawad, Raza 38

Kadic, Mirza 37 Kezhi, Lin 35 Khan, Ahmed Mahmood 36 Khajah, Abdul Mohsen 36

Mohanna, Abdullah M. 36Mehta, Yogesh 38Mahmood, Adil Sakhi 34

Nilsen, Erik 38Nanavaty, Kamal P. 35

Ohashi, Yutaka 35

Pearson, John 38

Rooney, Patrick 37Roth, Henry F. 38Raafat, Hesham 35

Said, Kamal 37 Shah, Asit Gunwantlal 38 Sebjornsen, Atle 38Shipp, Earl 34

Tawakley, Ashish 35Taparia, Mahaveerprasad S. 35

Van Den Wouwer, Bernard 35Van Doren, Philippe 37

Wagan, Eduardo G. 33

Younger, Ryan 38

Zagzoog, Khalid 33

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Abu Dhabi Oil Refining Co. (TAKREER) 37Al Jubail Fertilizer Company (ALBAYRONI) 33Al Jubail Petrochemical Co. (KEMYA) 33Aldrees Petroleum & Transport Services Company 35Amana Contracting & Steel Buildings 37Arabian Petrochemical Co. (PETROKEMYA) 33Al Jabr-Talke Ltd. 35Adani Enterprises Ltd. 35Al Majdouie Derijke Logistics Co. Ltd 35Alujain Corporation 33

Basell 36Borouge 34BASF Aktiengesellschaft 35

Contax Fz LLC 37Chemorbis 37China Petrochemical Tech. Co. Ltd. (SINOPEC) 35Chemical Market Associates Inc. (CMAI) 37

Daga Global Chemicals 35DMCC 37

ENGC Pool 37Eastern Petrochemical Company (SHARQ) 33Equate Petrochemical Company (EQUATE) 36Esnaad 37ENOC International Sales LLC 37EXXON Mobil Chemical 34 Finolex 35

Gulf Navigation Holding 37Gulf Organization for Industrial Consultancy (GOIC) 37Gulf Petrochemical Industries Company (GPIC) 33Gulf Stabilizers Industries 36

Honeywell Middle East 38

International Chemical Group 36International Chemplast 36

Japan Saudi Arabia Methanol Co. Inc. 35

Kuwait National Petroleum Co. 36Kemsol Ltd. 38

Methanex Corporation 35MEGlobal 38

NAMA Chemicals 33National PetrochemicalIndustrialization Company (TASNEE) 33National Petrochemical Industrial Co. (NATPET) 33National Chemical Carriers Ltd. Co. 36

Oil and Natural Gas Corporation Ltd (ONGC) 35Oriental Petrochemicals Company 35Odfjell 38Oman India Fertiliser Co. SAOC (OMIFCO) 34

Petrochemical Industries Company (PIC) 34Petrochem Middle East 38

Qatar Fertilizer Co. (QAFCO) 34Qatar Navigation 37Qatar Petrochemicals Company Ltd. (QAPCO) 34Qatar Vinyl Company (QVC) 34

Rabigh Refining & Petrochemical (PETRORABIGH) 33Rakha Al Khaleej Intl. LLC 38Royal Commission for Jubail & Yanbu 36Reliance Industries Limited 35 Sabic Terminal Services Co. (SABTANK) 36Samsung Engineering Co. Ltd. 37Shell Chemicals Arabia 38SRI Consulting 38Stolt Nielson Trasportation Group 38Supreme Petrochem Ltd. 35Sempra Metals Ltd. 38Safra Co. Ltd. 33Saudi Basic Industries Corporation (SABIC) 33Saudi Formaldyhyde Chemicals Co. 33

The National Environmental Preservation Co. (BeeA´h) 36The National Shipping Company of Saudi Arabia 36The Dow Chemical Company 34Total Petrochemicals 37

United Arab Shipping 38UOP Middle East Co. 38

Zamil Group Holding Co. 33


P.O.Box:123055 Dubai - UAE Tel.+971 4 321 74 44 Fax.+971 4 321 76 77

email: [email protected]

gpca annual report 2006

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