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DESCRIPTIONGPCA Annual Report 2009
raw materials mid east
annual report 2009
In a difficult global economic environment which has impacted
the chemical industry worldwide, our Gulf region has continued to
transform the petrochemicals landscape and cement its position as the
global manufacturing hub for basic products.
Our association saw considerable growth in 2009 in terms of the
range of issues addressed on behalf of members, the number of
committees formed, and the attendance at our events. The Annual
Forum in December, for example, attracted over 1,100 delegates and
we were honoured by the presence of H.E. Ali Bin Ibrahim Al-Naimi,
Minister of Petroleum and Mineral Resources, Saudi Arabia.
We continue to place a high priority on implementing Responsible
Care across the Gulf region and are providing enhanced services to
members in this regard.
Our annual report for 2009 reflects on these developments and
the growing strength of our organisation and activities, which have
allowed us to enter 2010 in a robust financial position.
annual 3report 2009
GPCA mission 4
GPCA objectives 5
Year in review 6
Adopting Responsible Care 8
Chairmans foreword 10
Secretary Generals report 12
Financial statements 19
Membership statistics 37
GPCA organisation 38
GPCA board of directors 40
Full members as of March 2010 42
Associate members as of March 2010 45
Members index by name of official representative 52
Members index by company 54
To support the growth and sustainable development
of the petrochemical and chemical industries in the
Gulf in partnership with our members and other
annual 5report 2009
To provide a networking and knowledge sharing forum for
members and industry stakeholders
To advocate common industry positions
To promote industry best practice
To champion the Responsible Care initiative among members
To establish regional industry data and information resources
To develop credible relationships with regional communities
and with global industry associations
With the global economy shrinking in 2009 by 4.6%, a sharp
recession was the primary characteristic of global markets affecting
the chemical industry in all regions, including our member companies
in the Gulf. The overall impact on the chemical industry overall was
not drastic, however, with chemical companies experiencing some
improvement in early 2009, although consumers remained cautious
all year and margins did not show any signs of improvement until the
Despite the difficult global environment, the Middle Eastern capacity
expansion drive continued unabated. Industry production increased in
2009 by an average of 3.7% across the Middle East, including 6.3% in
Saudi Arabia 3.4% in Abu Dhabi, 3.2% in Kuwait and 7.4% in Qatar.
The lions share of the new capacity addition in the region was in the
ethylene value chain. During 2009, the Gulf region added more than
4 million tons of ethylene capacity. By 2012, nine new crackers and
downstream plants are due to come on stream in the region; five in
Saudi Arabia, one in Qatar and one in Abu Dhabi and the remaining
two in Iran. In Saudi Arabia, 7 million tons of ethylene capacity will
be added over the period, 20092014 accounting for 25% of global
ethylene capacity growth during the same period. Given that the
Gulf region has a history of being able to build and operate on-time
or inside industry average, the global ethylene share of the regional
producers is projected to reach 20% by 2014, a long way from the
5% share prevailing at the beginning of the previous decade. Overall,
the coming years will allow the share of the Gulf producers in global
chemicals production capacity to rise further, reaching an anticipated
16% in 2015, and 20% by 2020.
The Gulf industrys product portfolio is predominately concentrated
in basic chemicals, with the ethylene value chain being the most
developed. However, newer projects are starting to move up the
C3/C4 value chains into performance chemicals and specialty
products. Newer projects are cracking heavier feedstock: butane,
propane and naphtha to offset the constraint in natural gas supply.
Projects with allocations of heavier feedstock (e.g. Saudi Kayan in
Saudi Arabia and Chemaweyaat in Abu Dhabi) are able to move
further up the chemical value chain, capturing higher value from their
products and offsetting the higher feedstock costs to a degree.
Even during the current tough environment, where capital funding has
become more challenging, the ability of GCC producers to fund their
expansion projects has not been an issue. New Greenfield projects
(particularly in Saudi Arabia) have typically been funded via IPOs, for
the equity portion of the projects.
The solid financial position of the Gulf players enabled them to
continue their globalised production drive during 2009 with further
investment outside the region serving to boost their regional supply
chain networks (e.g. Sabic, Saudi Aramco, PIC JVs in China) as well as
the acquisition of global players with technological edge such as the
purchase of Nova Chemicals by IPIC, Abu Dhabi.
The longer-term trend continues to be one of global petrochemical
supply migrating away from the traditional production centres in
Europe and North America towards lower cost regions (e.g. Middle
East) and areas of greatest demand (e.g. China and India).
Emerging markets, a key outlet for production from the Gulf region,
are the clear bright spot, led by China, which remains an important
destination for petrochemical and chemical exports and may
experience economic growth of up to 12% in the coming year. The
Gulf region is expected to supply up to 40% of incremental Asian
demand for polyolefins in the medium term.
A key relevant challenge in 2009 was the surge in remedy cases and
protectionist actions brought by countries such as China and India
and the EU to block imports and protect indigenous industries. While
the Gulf industry is concerned about the potential impact of these
investigations and provisional duties on the development and health
of both the regional and global industry, the Gulf industry remains
committed to free trade and anticipates respect for WTO rules by all
Despite a difficult global
environment the drive
to increase capacity in
the Middle East has
annual 7report 2009
year in review
Responsible Care is the chemical industrys comprehensive Health,
Safety, Security and Environmental (HSSE) performance improvement
initiative. It was originally conceived in 1984 by the Canadian
Chemical Producers Association and adopted in the United States by
the American Chemistry Council (ACC) in 1988.
The Gulf Petrochemicals and Chemicals Association (GPCA) adopted
Responsible Care in 2009, thereby bringing this important initiative to
the Gulf and Middle East region.
managing systems through Responsible CareThe idea of establishing a management system approach within
Responsible Care has evolved from several factors including:
management systems are increasingly recognised as key
performance drivers by industry and government;
businesses are already implementing management system models
for organising their internal activities and delivering improved
the need for the chemical industry to demonstrate to stakeholders
through an independent third-party certification process that it is
meeting its Responsible Care obligations.
business value from Responsible Care GPCA believes member companies can gain business value from
implementing Responsible Care in the following ways:
GPCAs Responsible Care Program and the management system
will help member companies improve and sustain regulatory
compliance. In the Responsible Care Management System (RCMS)
there is a focus on maintaining current understanding of legal,
regulatory, and other requirements. Also, internal processes are
established to monitor and measure compliance and to take
corrective actions on problems identified. Management is actively
involved in reviewing compliance status as part of the review
process. All together, these steps can provide a reliable means of
assuring ongoing compliance.
Return on investment
A Responsible Care Management System (RCMS) can yield
many important business benefits. Implementation can focus on
improving performance in Health, Safety, Security and Environment
(HSSE) through lower emissions, less waste, fewer injuries, and
more secure facilities and operations.
RCMS can also lead to lower operating costs, through more efficient
and reliable use of labour, lower energy costs, less money spent on
handling waste and/or emissions, and less time spent by management
dealing with distractions of incidents or compliance problems. For
example, member companies may receive lower insurance premiums
and a better loan from the bank, because they implemented a HSSE
management system and were able to demonstrate the above and
beyond commitment of Responsible Care. In the establishment of
goals, at the beginning of a RCMS design project, financial efficiency
and objectives/targets are given high priority.
Depending on the existing maturity of HSSE management at a
member company, initially planning and implementing a RCMS
can require a significant level of effort. However, a fully functional
RCMS should quickly repay, through its increased efficiency, the
initial effort within approximately one or two years, and often
more quickly when significant opportunities for improvements are
identified and put into place.
Risk and liability reduction
Senior Management and Boards of Directors of publicly traded (and
many privately held) companies are responding to the requirements
emerging out of the Regulations and Acts such as management
assurances for accuracy in financial disclosures. An RCMS can be very
helpful in giving management confidence that processes, methods,
and practices are in place to assure compliance, and also to identify
and address HSSE risks and liabilities in a proactive and sustainable
The GPCA adopted
Responsible Care in
2009, bringing an
important initiative to
the Gulf region.
annual 9report 2009
adopting Responsible Care
The past year has been quite challenging for most companies in
many areas. However, for the association it was a time for growth
and expansion. In 2009, we increased the number and scope of our
committees, and organized three medium-sized conferences alongside
workshops on various topics. Our Annual Forum also grew in both
stature and size.
Our growth trajectory has advanced in various spheres, and our
revenues rose from AED 6.7 million in 2008 to AED 9.34 million in
2009. We now have six working committees looking at common
issues in the areas of: Human Resources, Plastics, Supply Chain,
Responsible Care, Advocacy, and Fertilisers, with the latter two being
new additions. GPCA conducted five workshops on several important
topics in 2009. We started events catering to the Fertiliser, Supply
Chain, and Safety, Health and Environment segments. We had over
a thousand delegates at our Fourth Annual Forum last December,
despite the challenging economic environment. We continued the
dissemination of information and news about our industry through
our directory, newsletter and website.
Today, our membership stands at 135 full and associate members, and
we intend to expand membership further by offering even more value
We progressed the important Responsible Care initiative for the
association, with the board endorsing the programme after a detailed
study. Responsible Care is an initiative of ICCA the International
Council of Chemical Associations. We believe our region has much to
gain from pursuing this initiative.
Looking into the future, we would like to expand our portfolio of
events to better serve the different segments of the petrochemicals
foreword from theChairman
Mohamed H. Al-MadyGPCA Chairman
annual 11report 2009
foreword from the Chairman
and chemicals industry. We will be holding the First GPCA Plastics
Summit in June 2010, and the second Supply Chain Forum in October.
We will also be hosting the annual meeting of the Responsible Care
Leadership Group in September 2010, inviting representatives from
over 50 countries. Our events this year will culminate in December
with the flagship Annual Forum. Meanwhile, our committees will
continue to address important issues facing our industry through
dialogue and workshops. In a new development, we have asked our
board members to head various committees to help ensure high level
involvement and direction. Given the expanding role of the association
and the wish to serve our members even further, we will be moving to
larger premises and engaging more resources later this year.
As we start emerging from the global economic downturn, I believe
GPCA will increasingly be seen as a catalyst for sharing best practice,
and collating and disseminating relevant industry data. With increasing
regional capacities coming on-stream, our association is also gearing
up to support our industry in meeting its aspirations.
To conclude, I would like to thank you for your ongoing support and
look forward to your continued participation in our work. Last but
not least, I would like to thank Mr. Abdullah Al-Hagbani for all his
efforts during his three-year tenure as Secretary General which came
to a close last April. In turn, I also wish his successor, Dr. Abdulwahab
Al-Sadoun and his team every success for our association and their
continuing dedication in 2010 and beyond.
Mohamed H. Al-Mady
to strength on a
number of fronts
dear members I am pleased to report that our results in 2009 reflected your
commitment and support across the full range of our themes and
activities during the year. We have been able to initiate a number of
activities that have enhanced our contribution to the regional industry.
Our aim in 2009 was to graduate steadily from being primarily an
organisation conducting forums and workshops to a body addressing
key regional industry issues. With that in mind we have taken steps to
establish GPCA as the voice of the Gulf petrochemicals and chemicals
industry, raising the profile of the Association by engaging with
stakeholders and media, and by participating in key international
highlights of 2009 Our Articles of Association were amended to enable the
expansion of the board from 8 to 15 members, through an election
during our last Annual General Assembly Meeting, making us even
more representative of the regional industry.
A key strategic project undertaken by GPCA in 2009 was to support
the global initiative of Responsible Care. This presented a key performance indicator for GPCAs Safety, Health and
Environment Committee which engaged the services of a subject
expert as lead coordinator to implement the process across member
companies. Educational workshops and seminars on the process of
implementing Responsible Care are planned for 2010. GPCA will
also host the Responsible Care Leadership Group (RCLG) meeting in
Dubai next September. Following that meeting we envisage moving
report from theSecretary General
Dr. Abdulwahab Al-SadounSecretary General
annual 13report 2009
report from the Secretary General
on a fast-track basis with the implementation of Responsible
Care to achieve our target of becoming a full member of the
International Council of Chemical Associations (ICCA) representing
the petrochemicals and chemicals industry.
The Advocacy Committee was set up last year to represent the regional industrys interests on trade and public policy issues.
The committee took up the anti-dumping cases filed by certain
overseas countries against regional companies. An international legal
consultancy firm with expertise in this field has been retained to give
advice to the committee, while providing education on the subject
through workshops and seminars. GPCA has taken a strong stand
on this matter and we are committed to assuring that exports of
petrochemicals and chemicals from the Gulf region are not restricted
by anti-dumping or other trade restrictions.
The Fertiliser industry contributes a large part of chemical output
in the region. In 2009, we formed the GPCA Fertiliser Committee, following deliberations at the First Fertiliser Seminar in April 2009. The first meeting of this committee was held in
December 2009, resulting in ambitious plans for 2010 including: a
conference, workshops and a regional data base.
A number of changes were brought forward by committees in
2009. Sharing information, introduction of best practices and
encouraging transparency were notable items to be promoted by
committee members. Platforms were provided to subject experts
within companies to share knowledge with members at workshops.
Educational programmes were executed on relevant subjects
by inviting subject experts from international associations and
The membership of each committee has been expanded to cater for
the wider scope of activities and to enable us to meet the needs of
the regional industry.
The Safety Health and Environment Committee, now renamed the Responsible Care Committee, executed many
activities in line with the boards directive to address safety and
GPCA has taken
a strong stand on
trade issues and is
committed to assuring
that exports from
the region are not
environmental issues. Seminars were conducted under the themes
of Fugitive Emissions, Mechanical Integrity Management of
Change and Responsible Care. Committee members presented
their experiences of Environment, Health, and Safety standards,
sharing their expertise at the meetings. Articles about Responsible
Care were regularly published in GPCAs quarterly newsletter GPCA
Insight. GPCA attended the Global Responsible Care Leadership
Group Meeting in Moscow in September 2009. The key focus in
2010 will be to address all Responsible Care related issues.
The Human Resources Committee worked on the theme of Leadership and addressed issues concerning the topic
through its activities in 2009. The committee organised in Kuwait a
workshop entitled Leading in Hard Times. Learning activities were
conducted regularly at meetings and members visited company sites
to exchange good HR practices. The HR Committee also worked on
a Competency Cataloguing dictionary, which is available on our
website for members to learn about each companys competencies.
The committee also conducted a breakout session on leadership
at the Annual GPCA Forum. Dr. Vijay Govindrajan of the Tuck
School of Business spoke at the session and participated in a panel
discussion with heads of regional businesses.
The Plastics Committee concentrated its activities in 2009 on improving the image of plastics in the region. An image survey was
conducted in the region by a specialist to understand peoples views
on plastics. The feedback was extremely informative and positive,
and the committee is working on key findings from the report. One
key finding was that citizens in the Gulf have a strongly favourable
attitude to the plastics industry as well as to plastics products and
any anti-plastics sentiment is mostly related to litter and waste
management. The committee therefore decided to focus on matters
relating to disposal in a responsible way and on reuse, recycling and
recovery of energy. The committee worked closely with retail chains in
UAE, Qatar and Saudi Arabia on the issue of plastic bags and waste
management. A few workshops on this issue were held with support
from Plastics Europe. A paper was presented on waste management
14report from the Secretary General
and benefits of plastics at the Annual GPCA Forum. The committee
is outlining a plan to work with key influencers and decision makers
on plastics in waste management overall. A large-format Plastic
Summit is planned for June 2010. Efforts are being made by the
committee to engage stakeholders across the region on how plastics
are contributing to sustainability and how there is a need to work
together on waste management. The Committee was represented at
the Global Plastics Meeting in Arlington, USA last October.
Going forward a decision was made that GPCA Board members will
chair all working committees. This is to facilitate fast-track decisions
and provide representation to the committees at the board level.
This year workshops were conducted for the GPCA Board members
on topics including the state of the industry, future trends, Carbon
Footprint Management, advocacy and Responsible Care.
The First GPCA Supply Chain Forum took place in Bahrain in October 2009 and was a great success. Over 150
delegates attended the event, which was preceded by an industry
workshop with the theme of Land Transportation in the Gulf
Region: Difficulties and Opportunities. The fact that Forum speakers
represented very senior management was certainly a highlight.
Many companies volunteered to support the supply chain industry
and share future trends and we intend to hold this event annually in
Bahrain. The committee also intends to promote initiatives such as
research and studies, data and information sharing, standardisation
of safety regulations related to product handling and transportation,
industry benchmarking studies and identification of the most
important areas for improvement.
The Fourth Annual GPCA Forum held in Dubai in December, attended by over 1,100 delegates, further consolidated
its position as the industrys flagship event. H.E. Ali Bin Ibrahim
Al-Naimi, Minister of Petroleum and Mineral Resources, Kingdom
of Saudi Arabia, opened the event saying neither the recession
nor any recent protectionist measures by parties outside the Gulf
Cooperation Council area could fundamentally alter the advantages
enabling the region to be the worlds leading hub for petrochemicals
Citizens in the Gulf
have a strongly
to Plastics. However
GPCA is working to
improve litter and
annual 15report 2009
report from the Secretary General
production and increasingly a hub for more sophisticated
downstream products. Strategically and economically, he said it is
in the best interest of regional producers to develop and expand
domestic markets in order to provide stability of demand, reduce
transportation costs, and mitigate the effects of trade barriers.
Other industry leaders addressing the Forum included Stephen
Pryor, President, Exxon Mobil Chemical, who spoke on
Strengthening Chemical Industry Growth Through Sustainability
and told delegates that the downturn had shaved three years off
petrochemicals growth, which would not reach 2007 levels again
until 2011; Klaus Engel, Chairman, Evonik Industries, pointed to
increasing opportunities for specialty chemical companies as the
Mideast continues to build on a strong feedstock position and
diversify through downstream investment and conversion. Greg
Garland, President and CEO, Chevron Phillips Chemical, explored
The Importance of Building a viable Mideast position to Pursue
Sustainable Growth; and Mark Garrett, CEO, Borealis, looked at
Building a Global Presence from the Mideast. Brad Bourland, Chief
Economist and Managing Director, Proprietary Investment, Jadwa
Investments, spoke on The Economic Crisis and Its Impact on the
16report from the Secretary General
Mideast Chemical Industry. Khalid Hamad, Executive Director of the
Central Bank of Bahrain reviewed Financing Opportunities and Risks
for Mideast Petrochemical and Energy Projects in a Global Crisis,
noting the economic downturn and global banking crisis have had a
negative impact on project financing.
The Forum featured two breakout sessions, one focusing on Human
Resources and the other on Sustainability. The highlight of the HR
session was an address by Dr. Vijay Govindarajan, author, and one
of the worlds leading experts on strategy and innovation, who
discussed Leadership in an Era of Constant Change.
The Sustainability session focused on initiatives taken by the industry
as part of its long-term growth strategy and included presentations
on Responsible Care by ACC president, Cal Dooley and on The
Role of Plastics in Driving Sustainability by Laurence Jones, vice
president, corporate support, Borouge, who presented findings of a
consumer survey commissioned by GPCA on plastics and the need
for recycling and waste management measures in the region.
Attendance at the Forum grew 30% from the previous year and
nearly 40% were from outside the Gulf region.
relationshipsAs part of our continuing efforts to enhance relationships and
raise the profile of the association, GPCA representatives attended
international and regional meetings including the European
Petrochemical Associations annual meeting in Germany and the Gulf
Industrialists Conference in Qatar, organised by the Gulf Organisation
for Industrial Consulting. GPCA had held dialogue with the China
Petroleum and Chemical Industry Association (CPCIA) and the
Methanol Institute (MI) to explore opportunities for cooperation. These
initiatives will be continued in 2010, with GPCA forging stronger
ties with our peers and our representatives attending key industry-
specific international meetings. GPCA has signed a Memorandum of
Understanding with the American Chemistry Council (ACC) to provide
support during the implementation of the Responsible Care initiative
in the Gulf Region.
meetings to raise the
GPCA profile and
annual 17report 2009
report from the Secretary General
accounts GPCA revenues grew significantly in 2009, rising by almost 51% to
AED 9.92 million from AED 6.58 million in 2008. As of 31 December
2009, the surplus income was AED 4.78 million, up almost 86%
on the previous year, with GPCA employed assets totaling AED
14.59 million. In line with our plans to reduce the dependency on
membership subscriptions, in 2009 GPCA achieved an increase of
almost 95% in income from conferences and other sources to AED
5.94 million in 2009.
outlookIn the year ahead we will focus our energies on promoting important
initiatives among our members, notably Responsible Care. We will
host a Responsible Care Leadership Group meeting in September
in Dubai, with representatives from over 50 countries. GPCA aims
to develop and install Responsible Care systems over the next
year with the aim of obtaining ICCA (International Council of
Chemical Associations) recognition by the end of 2010. In line with
our expansion of committee activities, the image of plastics and
downstream investment opportunities in the region will be pinpointed
via our First Plastics Summit to be held in June in Dubai. We will
highlight the positive results and action points from our study of
regional attitudes to plastics. We believe the GPCA Fertilisers meeting
scheduled for September 2010 in Dubai will serve to promote this
important sector. The second GPCA Supply Chain Conference will also
serve as a platform for discussing and identifying key infrastructure
and other requirements for getting our product to global markets
safely and effectively. We have extended our partnership with
Chemical Week, the co-organisers of the Annual Forum, and this
global group will also organise our Plastics and Supply Chain events.
As our team and status grow and evolve, we thank all our members
for your active participation in and dedication to the enhancement of
GPCA. We also look forward to an exciting 2010, taking on our new
initiatives in an improved world economy.
18report from the Secretary General
annual 19report 2009
Report of the management
The Management presents their report and financial statements for
the year ended 31 December 2009.
The Associations mission is to identify, promote and manage the
common interest of its members by promoting the role of the gulf
petrochemicals and chemicals industry and related businesses world-
wide. The Association shall not engage in any commercial activities to represent the commercial interest of the members.
As at 31 December 2009 Gulf Petrochemicals and Chemicals
Association had total assets of AED 14,590,117 (2008: AED
9,905,394). The admission and annual fees for the year was AED
3,978,975 (for the year ended 31 December 2008: AED 3,435,023).
The financial statements have been audited by Ernst & Young who
retire and, being eligible, offer themselves for reappointment.
The Board of ManagementP.O. Box 123055DubaiU.A.E.
28 February 2010
31 December 2009
20report on the financial statements
Report on the financial statements
We have audited the accompanying financial statements of the Gulf
Petrochemicals and Chemicals Association (the Association), which
comprise the statement of financial position as at 31 December 2009
and the statements of comprehensive income and cash flows for the
year then ended, and a summary of significant accounting policies and
other explanatory notes.
Managements responsibility for the financial statements
Management 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 representation 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.
Our 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.
Independent auditors report to the members of Gulf Petrochemicals and Chemicals Association
annual 21report 2009
report on the financial statements
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
entitys 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 entitys internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, 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.
In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Association as of 31 December
2009, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting
Ernst & Young
28 February 2010
31 December 31 December 2009 2008 Notes AED AED
Membership fees 3,978,975 3,435,023
Conference and other income 3 5,941,845 3,048,408
Interest income 97,132 __________ __________
Gross income 9,920,820 6,580,563
General and administrative expenses 4 (5,117,162) (3,997,261)
Loss on exchange (24,109) (11,571) __________ __________
Surplus for the year 4,779,549 2,571,731 __________ __________
There are no other components of comprehensive income during the years ended 31 December 2009 and 31 December 2008. Hence, the total income is equal to the surplus for the years then ended.
Statement of accumulated surplus
Accumulated surplus at beginning of the year 9,055,237 6,483,506
Surplus for the year 4,779,549 2,571,731 __________ __________
Balance at 31 December 13,834,786 9,055,237 __________ __________
22report on the financial statements
Statement of comprehensive incomeYear ended 31 December 2009
2009 2008 Notes AED AED (Restated Note 15)ASSEtS EMPlOyEDNon-current assetsProperty and equipment 5 79,752 47,433 __________ __________
79,752 47,433 __________ __________Current assetsAccounts receivable and prepayments 6 2,149,818 3,033,308Islamic investment deposits 7 & 8 4,006,890 5,524,500Bank balances and cash 8,353,657 1,300,153 __________ __________
14,510,365 9,857,961 __________ __________
tOtAl ASSEtS EMPlOyED 14,590,117 9,905,394 __________ __________ASSOCIAtION RESERVE AND lIABIlItIESAssociation reserveAccumulated surplus 13,834,786 9,055,237 __________ __________
13,834,786 9,055,237 __________ __________Non-current liabilitiesEmployees end of service benefits 9 128,163 226,924 __________ __________
128,163 226,924 __________ __________Current liabilitiesAccounts payable and accruals 10 627,168 623,233 __________ __________
627,168 623,233 __________ __________
total liabilities 755,331 850,157 __________ __________
tOtAl ASSOCIAtION RESERVE AND lIABIlItIES 14,590,117 9,905,394 __________ __________
Secretary General28 February 2010
annual 23report 2009
report on the financial statements
Statement of financial positionat 31 December 2009
31 December 31 December 2009 2008 Notes AED AED (Restated Note 15)
OPERAtING ACtIVItIESSurplus for the year 4,779,549 2,571,731Adjustments for: Depreciation 5 55,581 83,733 Provision for employees end of service benefits 9 102,865 208,493 __________ __________
4,937,995 2,863,957Working capital changes:Accounts receivable and prepayments 883,490 (973,358)Accounts payable and accruals 3,935 (176,496) __________ __________
Cash from operations 5,825,420 1,714,103Employees end of service benefits paid 9 (201,626) __________ __________
Net cash from operating activities 5,623,794 1,714,103 __________ __________
INVEStING ACtIVItIESPurchase of property and equipment 5 (87,900) (4,549) __________ __________
Net cash used in investing activities (87,900) (4,549) __________ __________
INCREASE IN CASH AND CASH EQUIVAlENtS 5,535,894 1,709,554
Cash and cash equivalents at 1 January 6,824,653 5,115,099 __________ __________
CASH AND CASH EQUIVAlENtS At 31 DECEMBER 8 12,360,547 6,824,653 __________ __________
24report on the financial statements
Statement of cash flowsYear ended 31 December 2009
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 petrochemicals and chemicals industry and related businesses world-wide. The Associations registered head office is at PO Box 123055, Dubai, United Arab Emirates.
2 Significant accounting policies
Basis of preparation and statement of compliance
The 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.
Changes in accounting policy and disclosures
The accounting policies adopted are consistent with those of the previous financial year except as follows:
The Association has adopted the following new and amended IFRS and IFRIC interpretations as of 1 January 2009:
The adoptions of these amendments resulted in changes to the accounting policies and additional disclosures but did not have any impact on the financial position or performance of the Association. The principal effects of these changes are as follows:
IAS 1 Presentation of Financial Statements
The standard introduces the statement of comprehensive income; it presents all items of recognised income and expense, either in one
annual 25report 2009
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Notes to the financial statementsat 31 December 2009
single statement, or in two linked statements, the Association has elected to present a single statement.
Improvements to IFRSs (May 2008 and April 2009)
In May 2008 and April 2009 the IASB issued omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. There are separate transitional provisions for each standard. The adoption of the following amendments resulted in changes to accounting policies but did not have any impact on the financial position or performance of Association.
IAS 16 Property, Plant and Equipment
Replaces the term net selling price with fair value less costs to sell. The Association amended its accounting policy accordingly, which did not result in any change in the financial position.
IAS 36 Impairment of Assets
When discounted cash flows are used to estimate fair value less cost to sell additional disclosure is required about the discount rate, consistent with disclosures required when the discounted cash flows are used to estimate value in use. This amendment had no immediate impact on the financial statements of Association because the recoverable amount of its cash generating units is currently estimated using value in use.
Other new and amended IFRSs and IFRIC interpretations effective as on 1 January 2009 did not have any impact on the accounting policies, financial position or performance of Association.
IASB Standards and Interpretations issued but not yet effective
The Association has not adopted the new accounting standards or interpretations that have been issued but are not yet effective. These standards and interpretations, and some of the amendments to the standards following the 2009 improvement to IFRSs project, are not likely to have any significant impact on the financial statements of Association in the period of their initial application.
Use of estimates and judgments
The preparation of the financial statements requires management to make estimates and assumptions that may affect the reported amount of financial assets and liabilities, revenues, expenses, disclosure of contingent liabilities and the resultant provisions and fair values. Such estimates are necessarily based on assumptions about several factors and actual results may differ from reported amounts.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
26report on the financial statements
In particular, information about significant areas of estimation, uncertainty, and critical judgements in applying accounting policies (that have the most significant effect on the amount recognised in the financial statements) are discussed in note 14.
Membership fee and subscriptions are taken to revenue over the period to which they relate.
Interest revenue is recognized as the interest accrues using the effective interest method.
Property and equipment
Property 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 3 yearsOffice equipment 3 yearsMotor vehicles 5 yearsFurniture and fixtures 3 years
The carrying values of property 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 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 and equipment. All other expenditure is recognised in the income and expense statement as the expense is incurred.
An item of property and equipment is derecognised upon disposal or when no future benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and carrying amount of the asset) is included in the statement of comprehensive income in the year the asset is derecognised.
The assets residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted prospectively if appropriate.
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Impairment and uncollectibility of financial assets
The Association assesses at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred loss event) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. If such evidence exists, any impairment loss is recognised in the statement of comprehensive income. 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 statement of comprehensive income;
b) For assets carried at cost, impairment is the difference between the 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 the carrying amount and the present value of future cash flows discounted at the original effective interest rate.
Impairment of non-financial assets
The Association assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Association estimates the assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating units (CGU) fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded entities or other available fair value indicators.
28report on the financial statements
Impairment losses of continuing operations are recognised in the income and expense statement in those expense categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Association estimates the assets or cash-generating units recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
Accounts 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 statement of cash flows, cash and cash equivalents consist of cash in hand and bank balances and short term deposits with an original maturities of three months or less.
Accounts payable and accruals
Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not.
Provisions 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.
Leases 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 statement of comprehensive income on a straight-line basis over the lease term.
Employees end of service benefits
The Association provides end of service benefits to its employees in accordance with UAE labour law. The entitlement to these benefits is
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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.
Transactions 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 statement of financial position date. All differences are taken to the statement of comprehensive income.
3 Conference and other income
2009 2008 AED AED
Conference income 3,378,007 2,311,413
Mini forum income 1,000,305
Publication income 248,286 341,320
Workshop income 367,508 322,175
Income from national bond 182,390
CEO round table income 144,519 73,500
Other income 620,830 _________ _________
5,941,845 3,048,408 _________ _________
4 General and administrative expenses
2009 2008 AED AED
Staff costs 3,111,678 2,599,782
Communication expenses 338,096 230,356
Functions, conferences and business travel expenses 993,365 606,410
Professional fees and consultancy charges 356,023 293,160
Miscellaneous expenses 318,000 267,553 _________ _________
5,117,162 3,997,261 _________ _________
30report on the financial statements
5 Property and equipment
Leasehold Office Furniture Motor improvements equipment and fixtures vehicles Total AED AED AED AED AEDCost: At January 2009 78,085 119,516 54,734 252,335 Additions 23,900 64,000 87,900 _______ _______ _______ _______ _______
At 31 December 2009 78,085 143,416 54,734 64,000 340,235 _______ _______ _______ _______ _______
Accumulated depreciation At January 2009 65,070 93,794 46,038 204,902 Depreciation charge during the year 13,015 27,703 8,463 6,400 55,581 ________ ________ _______ _______ _______
At 31 December 2009 78,085 121,497 54,501 6,400 260,483 ________ ________ _______ _______ _______Net carrying amount: At 31 December 2009 21,919 233 57,600 79,752 ________ ________ _______ _______ _______
Leasehold Office Furniture improvements equipment and fixtures Total AED AED AED AEDCost: At January 2008 78,085 114,967 54,734 247,786 Additions 4,549 4,549 ________ ________ ________ ________
At 31 December 2008 78,085 119,516 54,734 252,335 ________ ________ ________ ________
Accumulated depreciation At January 2008 39,042 54,334 27,793 121,169 Depreciation charge during the year 26,028 39,460 18,245 83,733 ________ ________ ________ ________
At 31 December 2008 65,070 93,794 46,038 204,902 ________ ________ ________ ________
Net carrying amount: At 31 December 2008 13,015 25,722 8,696 47,433 ________ ________ ________ ________
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6 Accounts recievable and prepayments
2009 2008 AED AED
Conference and other fees receivable 1,465,738 2,768,994Receivables from members 573,807 136,201Prepaid rents 46,948 100,113Other receivables 63,325 28,000 _________ _________
2,149,818 3,033,308 _________ _________
Unimpaired receivables are expected on the basis of past experience, to be fully recoverable. It is not the practice of the Association to obtain collateral over receivables.
7 Islamic investment deposits
2009 2008 AED AED (Restated Note 15)
Mudaraba deposit 4,006,890 5,524,500 _________ _________
4,006,890 5,524,500 _________ _________
Islamic investment deposit represents the amount deposited with National Bonds PJSC. The amount is collectible on demand and earns profit on a time proportion basis for the period of holiday of such deposit as declared by the party concerned. For 2009, the Association earned a profit of 3.54% per annum.
8 Cash and cash equivalents
2009 2008 AED AED (Restated Note 15)Bank balance and cash 3,353,657 1,300,153Term deposits 5,000,000 __________ _________
Bank balances and cash 8,353,657 1,300,153Islamic investment deposit 4,006,890 5,524,500 __________ _________
Cash and cash equivalents 12,360,547 6,824,653 __________ _________
Time deposits carry an effective interest rate of 3.05% pa to 3.25% pa.
32report on the financial statements
9 End of service benefits
2009 2008 AED AED
Movements in the provision recognised in the statement of financial position are as follows:
Provision as at 1 January 226,924 18,431Provided during the year 102,865 208,493Payment during the year (201,626) - _________ ________
Provision as at 31 December 128,163 226,924 _________ ________
10 Accounts payable and accruals
2009 2008 AED AED
Advances from non-members 13,611 17,907Accrued expenses and other payables 613,557 605,326 _________ ________
627,168 623,233 ________ ________
11 Related party transactions
Compensation of key management personnel
The remuneration of directors and other members of key management during the year was as follows:
31 December 31 December 2009 2008 AED AED
Short-term benefits 2,197,173 1,573,311 _________ _________
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12 Risk management
Interest rate risk
The Association is not exposed to any significant interest rate risk on its interest bearing assets and liabilities.
The Association seeks to limit its credit risk with respect to debtors by monitoring outstanding fees receivables as there is no established credit period for debtors. Credit risk is limited to the carrying value of financial assets in the statement of financial position.
The Association limits its liquidity risk by ensuring bank facilities or funds are available. The Associations terms for renewing the membership are specified in the agreement. Trade accounts payable are settled on the basis of credit terms agreed with the respective supplier.
The table below summarises the maturities of the Associations undiscounted financial liabilities at 31 December 2009, based on contractual payment dates.
34report on the financial statements
At 31 December 2009
Less than 3 to 12 1 to 5 3 months months years > 5 years Total AED AED AED AED AED
Accounts payables and accruals 351,413 275,755 627,168 ________ ________ ________ ________ ________
At 31 December 2008 Less than 3 to 12 1 to 5 3 months months years > 5 years Total AED AED AED AED AED
Accounts payables and accruals 444,714 178,519 623,233 ________ ________ ________ ________ ________
The Association is not exposed to significant currency risk.
The primary objective of the Associations fund management is to ensure that it maintains a healthy ratio in order to support its activities.
13 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.
14 Key sources of estimation uncertainty
Impairment of accounts receivable
An 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.
At the statement of financial position date, gross accounts receivable were AED 2,039,545 (2008: AED 2,905,195) and the provision for doubtful debts was AED Nil (2008: AED Nil). Any difference between the amounts actually collected in future periods and the amounts expected will be recognised in the statement of comprehensive income.
Useful lives of property and equipment
The Associations management determines the estimated useful lives of its property and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear. Management reviews the residual value and useful lives annually and future depreciation charge would be adjusted where the management believes the useful lives differ from previous estimates.
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36report on the financial statements
15 Comparative information
Specified statement of financial position amount for the year ended 31 December 2008 have been reclassified to comply with International Financial Reporting Standards and to improve the quality of information presented. The summary below presents the effect of the reclassifications on the prior year amounts.
As at 31 December 2008
As previously reported Reclassification As restated AED AED AED
Available-for-sale investments 5,524,500 (5,524,500)
Islamic investment deposits 5,524,500 5,524,500 __________ __________ __________
5,524,500 5,524,500 __________ __________ __________
Statement of cash flow:
Year ended 31 December 2008
As previously reported Reclassification As restated AED AED AED
Investing activitiesPurchase of available-for-sale investments 5,524,500 (5,524,500) __________ __________ __________
Net cash used in investing activities 5,524,500 (5,524,500) __________ __________ __________
Cash and cash equivalents at 31 December 1,300,153 5,524,500 6,824,653 __________ __________ __________
1,300,153 5,524,500 6,824,653 __________ __________ __________
annual 37report 2009
Africa 1 0.74%
Americas 7 5.18%
Europe 16 11.85%
Asia 12 8.88%
Gulf Region 99 73.33%
Bahrain 5 5.05%
Kuwait 6 6.06%
Qatar 8 8.08%
Oman 3 3.03%
Saudi Arabia 38 38.38%
United Arab Emirates 39 39.39%
GPCA organisation is made of the following
the Annual General Assembly the Board of Directors
Annual General Assembly
The 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:
Elect and appoint the Board of Directors (when appropriate)
Determine the admission fees and annual membership fees for Full Members and
Approve and examine previous years accounts and GPCA Annual Report
Any other matters the Board of Directors deems necessary.
Board of Directors
GPCA is managed by a Board of Directors
comprising at the most fifteen (15) physical
persons elected by the General Assembly
from amongst persons nominated by the Full
Members. The members of the Board shall be
a representative of Full members who shall be
the Chief Executive Officer or equivalent of such
member. The members of the Board of Directors
are elected for a period of three years. Their
mandate is renewable.
The Board of Directors shall comprise of at least
one Full Member from each country in the Gulf
Region. The Board meets at least three times
a year and is elected every three years by the
The Board of Directors has central responsibility for
guiding GPCA activities and approving its policies,
priorities and programs. The Board is empowered
to define the criteria to obtain the Associations
membership, defining rules for admission,
withdrawal and exclusion, as well as the activities
to which they will be invited to participate.
In particular, the Board of Directors is vested to
undertake the following roles:
Develop the GPCA strategy & policy
Select the venues of the yearly Annual Meeting,
set the program for the yearly Annual Meeting,
set the Annual Meeting fee
Set the accounts, budget, membership fees
and submit same to the Ordinary General
Approve new application for GPCA
Determine the uses and sources of funds and
submits the GPCA Board composition to the
Ordinary General Meeting.
The Board of Directors is empowered to make
any necessary or useful act of management and
of disposal to ensure optimal performance of the
annual 39report 2009
Board of Directors
Administration & Finance
Communication & Marketing
Committees & Global Affairs
Research & Studies
The Board of Directors appoints the Secretary
General. The Secretary General shall have charge
over the general management of the Association
and in particular the day to day administration.
The Secretary General shall represent the
Association and may be granted specific powers
as referred to in Article 8 of the GPCAs Articles of
The Secretary General shall participate in the
meetings of the General Assembly, the Board and
the Executive Committee without voting rights.
The Executive Committee submits strategic and
major positioning issues to the Board for decision.
Its proposals to the Board are based on input from
the Secretary General.
Up to four (4) members make up the Executive
Committee. It is composed of the Chairman, Vice
Chairman, Treasurer and a Board member. The
Executive Committee is elected every three years
by the Board of Directors, with a mandate and
powers that are also determined by the Board.
Committees and Working Groups
The Board of Directors is empowered to endorse
projects of common interest to the industry by
the establishment of advisory boards, working
groups and committees of whom it determines
the composition, the mandate and the duration.
The committees and working groups shall be
drawn from the staff of the Member Companies
of GPCA. Any determination or recommendation
made by such Committees shall become operative
only if approved by the Board of Directors.
GPCAboard of directors
Mohamed H. Al-MadyGPCA Chairman Vice Chairman & CEOSaudi Basic Industries Corporation (SABIC) Kingdom of Saudi Arabia
Hamad Abdul Rahman Al terkaitGPCA Vice Chairman President & CEOEQUATE Petrochemical Co.Kuwait
Abdul Aziz Al HajriGPCA treasurerCEOAbu Dhabi Polymers Ltd (Borouge)United Arab Emirates
Maha Mulla HusainChairman and Managing DirectorPetrochemical Industries Co. (PIC)Kuwait
Mohamed Abdulla Al AzdiCEOAbu Dhabi National Chemicals Company (ChemaWEyaat) United Arab Emirates
Hamad Rashed Al-NuaimiGPCA Executive Committee MemberGeneral ManagerQatar Vinyl Company Ltd. (QVC)Qatar
annual 41report 2009
GPCA board of directors
Ziad Sami Al-labbanPresident & CEORabigh Refining & Petrochemical (Petro Rabigh)Kingdom of Saudi Arabia
Mohammed Al-MullaGeneral Manager Qatar Petrochemicals Co. Ltd. (QAPCO)Qatar
Marwan N. NusairPresident & COOAlujain Corporation Kingdom of Saudi Arabia
Khalifa Al SowaidiManaging DirectorQatar Fertiliser Company (QAFCO) Qatar
Moayyed l. Al-QurtasVice Chairman and Deputy CEO TASNEEKingdom of Saudi Arabia
Dr. Hamed Al DhahabChief Executive OfficerOman PolyPropylene LLCOman
Abdul Rahman JawaheryGeneral ManagerGulf Petrochemicals Industries Co. (GPIC)Kingdom of Bahrain
Ahmad Al OhaliCEOSaudi International PetrochemicalCompany (SIPCHEM) Kingdom of Saudi Arabia
Ali Hassan Al-SidikyDirector Downstream VenturesQatar General Petroleum Corporation Qatar
Kingdom of BahrainGulf Petrochemical Industries Company (GPIC)P.O. Box 26730ManamaKingdom of Bahraint + 973 1773 1777f + 973 1773 1047www.gpic.comMr. Yousef Fakhroo
Kingdom of Saudi ArabiaAdvanced Petrochemical Company P.O. Box 11022Al Jubail Industrial CityPost Code 31961Kingdom of Saudi Arabiat + 966 3 3566060f + 966 3 3566065www.appc.com.saMr. Ali A. Al-Shaier
Al Jubail Fertilizer Company (ALBAYRONI)P.O. Box 10046Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3406342f + 966 3 3416100www.sabic.comMr. Ahmed M. Al Jabr
Al Jubail Petrochemical Co. (KEMYA)P.O. Box 10084Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3576363f + 966 3 3576353www.sabic.comMr. Abdulaziz Bin Abdullah Alhabardi
Alujain CorporationP.O. Box 50575Future Business Center, 2nd FloorAl Amanah StreetAl Ruwais districtJeddah 21533Kingdom of Saudi Arabiat + 966 2 6529919f + 966 2 6529949www.alujaincorporation.comMr. Marwan N. Nusair
Arabian Petrochemical Co. (PETROKEMYA)P.O. Box 10002Jubail Industrial CityKingdom of Saudi Arabiat + 966 3 3587000f + 966 3 3584480www.sabic.comMr. Omar Abdullah Al-Amoudi
CHEMANOLP.O. Box 2010Jubail Industrial Park 31951Kingdom of Saudi Arabiat + 966 3 3581111 x 400/505f + 966 3 3581311www.chemanol.comMr. Khalid Ibrahim Al-Rabiah
Eastern Petrochemical Company (SHARQ)P.O. Box 10035Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3575000f + 966 3 3580383www.sabic.comMr. Mussaed S. Al Ghamdi
Gulf Farabi Petrochemical Co. Ltd.P.O. Box 11763Al Jubail Industrial CityPost code 31961Kingdom of Saudi Arabiat + 966 3 3565000f + 966 3 3565009www.gulffarabi.comEng. Mohammed Ibrahim Al-Bibi
NAMA ChemicalsP.O. Box 11919Al Jubail Industrial CityAl Jubail 31961Kingdom of Saudi Arabiat + 966 3 3478888f + 966 3 3478666www.nama.com.saMr. Abdulmohsen Al Ogaili
National Petrochemical Industrial Company (NATPET)P.O. Box 4459Jeddah-21491Kingdom of Saudi Arabiat + 966 2 6048610f + 966 2 6529380www.natpetpp.com Mr. Jamal Malaikah
Rabigh Refining & Petrochemical (PETRORABIGH)East Park 1R-235, Building 7002Dhahran 31311Kingdom of Saudi Arabiat + 966 3 8625667f + 966 3 8625600www.saudiaramco.comMr. Ziad Labban
Safra Co. Ltd.P.O. Box 2824Jeddah 21461Kingdom of Saudi Arabiat + 966 2 6444090f + 966 2 6431214www.safraco.comMr. Khalid Zagzoog
Sahara PetrochemicalsP.O. Box 11166Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3592222-664f + 966 3 3403818www.saharapcc.comMr. Abdullatiff K. Al-Bilali
fullmembersas of March 2010
annual 43report 2009
full members list
Saudi AramcoTower Building, 9th FloorChemical Business OrganizationDhahran 31311Kingdom of Saudi Arabiat + 966 3 8746106f + 966 3 8734287www.saudiaramco.comMr. Fayez Al Sharef
Saudi Basic Industries Corporation (SABIC)P.O. Box 5101Riyadh 11422Kingdom of Saudi Arabiat + 966 1 2258000f + 966 1 2259000www.sabic.comMr. Hamood A. Al-Tuwaijiri
Saudi International Petrochemical Company (SIPCHEM)P.O. Box 12021Al Jubail Industrial CityPost code 31961Kingdom of Saudi Arabiat + 966 3 3599601f + 966 3 3599610www.sipchem.comMr. Rashid M. Al-Dossari
Saudi Yanbu Petrochemical Co. (YANPET)P.O. Box 30333Executive DepartmentYanbu Al-SinaiyahKingdom of Saudi Arabiat + 966 4 3965000f + 966 4 3965001www.sabic.comMr. Soliman A. Alhosain
S-ChemP.O. Box 11221Al Jubail Industrial CityPost code 31961Kingdom of Saudi Arabiat + 966 3 3581760f + 966 3 3583176Mr. Elijah Andjelich
TASNEEP.O. Box 26707Riyadh 11496Kingdom of Saudi Arabiat + 966 3 359 9455f + 966 3 358 2588www.tasnee.comMr. Mufleh S. Al-Shammari
Zamil Group Holding Co.P.O. Box 251Riyadh 11411Kingdom of Saudi Arabiat + 966 1 203 7740f + 966 1 476 6729www.zamil.comEng. Osama Abdulaziz Al Zamil
KuwaitEQUATE Petrochemical CompanyP.O. Box 4733Safat 13048Kuwaitt + 965 2576 5706 f + 965 2576 5708www.equate.comMr. Muayad Al Faresi
Petrochemical Industries Company (PIC)P.O. Box 1084Safat 13011Kuwaitt + 965 2321 1000f + 965 2321 1522www.pic.com.kwMr. Kamal Behbehani
QatarQatar Chemical Co. Ltd. (Q-Chem)Salam Tower, 1st FloorWest BayDohaQatart + 974 4847111f + 974 4837379www.qchem.com.qaMr. Ahmed Ibrahim Al-Emadi
Qatar Fertilizer Co. (QAFCO)P.O. Box 50001MesaieedDohaQatart + 974 4228888f + 974 4770119www.qafco.comMr. Khalifa Abdulla Al Sowaidi
Qatar Petrochemicals Company Ltd. (QAPCO)P.O. Box 756DohaQatart + 974 4242444f + 974 4242421www.qapco.comMr. Abdulrahman Ali Al-Abdullah
Qatar PetroleumP.O. Box 3212DohaQatart + 974 4835666f + 974 4836999www.qp.com.qaMr. Ali Hassan Al Sidiky
Qatar Vinyl Company (QVC)P.O. Box 24440DohaQatart + 974 4765888f + 974 4765704www.qvc.com.qaMr. Hamad Rashed Al Nuaimi
Sultanate of OmanOman India Fertilizer Co. SAOC (Omifco)P.O. Box 67Sur 411Sultanate of Omant + 968 25532011f + 968 25562849www.omifco.comMr. Adil Sakhi Mahmood Al Balushi
44full members list
Oman Methanol Company LLCP.O. Box 474Post code 322Falaj Al-QabailSoharSultanate of Omant + 968 26850554f + 968 26850540www.omanmethanol.comMr. Richard M. Preece
Oman Polypropylene LLCP.O. Box 277, PC 322Falaj Al QabailSoharSultanate of Omant + 968 26865003f + 968 26865005www.oman-pp.comDr. Hamed Al Dhahab
United Arab EmiratesAbu Dhabi National Chemicals Company (ChemaWEyaat)P.O. Box 43237Al Bateen Towers C-1/17th Floor (Green Emirates Property Building)Abu DhabiUnited Arab Emiratest + 971 2 412 3600f + 971 2 635 9259www.chemaweyaat.comMr. Mohamed Abdullah Al-Azdi
Abu Dhabi Polymers Co. Ltd. (Borouge)P.O. Box 6925Sheikh Khalifa Energy ComplexCorniche RoadAbu DhabiUnited Arab Emiratest + 971 2 607 0100f + 971 2 607 0111www.borouge.comMr. Abdulaziz Alhajri
Ruwais Fertilizer Industries (FERTIL)P.O. Box 2288Sheikh Khalifa Energy ComplexKhalifa StreetAbu DhabiUnited Arab Emiratest + 971 2 602 1133/44f + 971 2 602 1155www.fertil.comMr. Bassim Al Ghanim
annual 45report 2009
ChinaChina Petrochemical Tech. Co. Ltd. (SINOPEC)No. 58 Anwai StreetDengcheng Dist.Beijing 100011Chinat + 86 10 84275259f + 86 10 84271847www.sinopec.com.cnMs. Lin Kezhi
Ningbo JiaFu Import & Export Co. Ltd.22 Floor, Yinzhou Business TowerNo. 257 HuiFeng East StreetNingboChinat + 86 574 8725 8356f + 86 574 8736 4850www.jetwheel.com/web/index.htmlMr. Leo Ruan
EgyptTCI Sanmar Chemicals LLCIndustrial Area (C) El RaswaSouth Port SaidEgyptt + 206 6379 3799 / + 206 637 93540f + 206 6377 8003www.sanmargroup.comMr. J.K. Menon
FranceEmeraude International2, Rue De La Tour DesParis 75009Francet + 33 140 2092 92f + 33 140 2095 30www.emeraude-international.comMr. Pierre Le Corre
GermanyBASF AktiengesellschaftCarl-Bosch-Strasse 38Ludwigshafen 67056Germanyt + 49 (0) 621 600f + 49 (0) 621 6042525www.basf.comMr. David Walker
Camelot IDPro AGTheodor-Heuss-Anlage 1268165 MannheimGermanyt + 49 621 862980f + 49 621 86298-250www.camelot-idpro.comDr. Josef Packowski
Helm AGNordkanalstr 28 Hamburg 20097Germanyt + 49 4023750f + 49 4023751845www.helmag.comMr. Michael Neuhoff
Lurgi GmbH5 Lurgiallee60295 Frankfurt/MGermanyt + 49 69 58080f + 49 69 5808 3888www.lurgi.comDr. Thomas O. Natter
The Linde GroupLinde AG Leopoldstrasse 25280807 MunichGermanyt + 49 89 357 57-01f + 49 89 357 57-1075www.linde.comMr. Uwe Rathmann
IndiaFinolex Industries LimitedP-14, Rajiv Gandhi Infotech Park MIDC Hinjewadi Pune 411057Indiat + 91 20 27408200f + 91 20 22933737www.finolex.comMr. Saurabh S. Dhanorkar
Jay Polychem India Ltd.D-143, Defence ColonyNew Delhi 110024Indiat + 91 11 42791000f + 91 11 41554300www.jaypolychem.comMr. Keshav Sodhi
Noble Resources & Trading India501, Jaising Business CentreSahar Road, Andheri EastMumbai 400099India t + 91 22 67168888f + 91 22 67168889www.thisisnoble.comMr. Ashish Tawakley
Reliance Industries LimitedReliance Centre19, Walchand Hirachand MargBallard EstateMumbai 400001Indiat + 91 22 22847334f + 91 22 22847990www.ril.comMr. Kamal P. Nanavaty
Supreme Petrochem Ltd.5th Floor, Bldg. No. 11Chakala, Andheri (East)MumbaiIndiat + 91 22 67710000f + 91 22 67091924www.supreme.co.inMr. Mahaveerprasad S. Taparia
JapanJapan Saudi Arabia Methanol Co. Inc.Tokyo Sakurada Bldg, 1-3Nishi-Shinbashi, 1-Chome Minato-KuTokyo 105-0003Japant + 81 335 933541Mr. Yutaka Ohashi
Kingdom of BahrainCRA International P.O. Box 20578Suite 3302/3304, Almoyyed TowerAl SeefKingdom of Bahraint + 973 1756 3300f + 973 1756 4691www.crai.comMr. Bob Young
as of March 2010
46associate members list
Devcorp International BSC (CC)P.O. Box 10236Manama 311Kingdom of Bahraint + 973 1722 8801f + 973 1722 8805www.devcorpint.comMr. Ibrahim Al MishariMr. Milind Bole
Global Petrochemical Marketing Co. BSC(C)P.O. Box 75007Block No. 327 Road No. 2701Building No.49 Flat No.21ManamaKingdom of Bahraint + 973 1774 4881/2f + 973 1774 4883www.g-p-m-c.comMr. Yosif Jabri
Norgas Asia PTE Ltd.13 Floor, Unit 13A, West TowerThe Financial CentreBahrain Financial HarbourManamaKingdom of Bahraint + 973 1710 2820 / + 973 399 58902 f + 973 1710 4707www.norgas.orgMr. Jawahar Coelho
Kingdom of Saudi ArabiaA.T. KearneyP.O. Box 230888Regus Kingdom Business CentreKingdom Tower(28th Floor, Office 1434)RiyadhKingdom of Saudi Arabiat + 971 5 02400630f + 971 4 7090599www.atkearney.comMr. Daniel G. StartaMr. Vance L. Scott
Al Bilad Catalyst Co LtdP.O. Box 10174St 198 Secondary IndustriesJubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3589080f + 966 3 3581312www.bilad-catalyst.comDr. Saleh Abotteen
Al Jabr Talke Ltd.P.O. Box 10610Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 618317f + 966 3 3472555www.aljabr-talke.comMr. Richard Heath
Al Majdouie Derijke Logistics 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 11561Kingdom of Saudi Arabiat + 966 14899999f + 966 14898888www.aldrees.comMr. Tawfique Ahmed Al Muzain
Arabian Pipeline & Services Co. Ltd. (Anabeeb)P.O. Box 234JubailPost code 31951 Kingdom of Saudi Arabiat + 966 3 3620556f + 966 3 3614990www.anabeeb.comMr. Hashim G. Moraisel
Astra Polymer Compounding CompanyP.O. Box 30740Al Khobar 31952Kingdom of Saudi Arabiat + 966 3 8121232f + 966 3 8121342www.astra-polymers.comMr. Mohammad N. Al-Utaibi
Banque Saudi FransiHead Office BuildingMaather StreetRiyadh 11554Kingdom of Saudi Arabiat + 966 1 2899999f + 966 1 4042311www.alfransi.com.saMohamed Al HassanBashar Al Khatib
Gulf Chemicals and Industrial Oils CompanyP.O. Box 3942Second Industrial CityDammam 31481Kingdom of Saudi Arabiat + 966 3 8121022f + 966 3 8121770www.gcir.com.saIbrahim Al DuaijAhmad Al Sukhon
Industrialization & Energy Services Company (TAQA)P.O. Box 28589Riyadh 11447Kingdom of Saudi Arabiat + 966 1 2911111 Etxn 222f + 966 1 2918555www.taqa.com.saEng. Abdulrahman M. Bin Zarah
Ingenia Polymers (KSA) Corp.KFUPM Box 65Dhahran 31261Kingdom of Saudi Arabiat + 966 5 63569707f + 966 3 8607629www.ingeniapolymers.comMr. Zach Charlton
annual 47report 2009
associate members list
MaadenP.O. Box 320019F, EPCTAl Khobar 31952Kingdom of Saudi Arabiat + 966 3 8659377f + 966 3 8659376www.maaden.com.saMr. Mohammad A. Alam
National Chemical Carriers Ltd. Co.P.O. Box 8931301, Old Akariyah BldgSitteen St. Malaz AreaRiyadhKingdom of Saudi Arabiat + 966 1 4773934f + 966 1 4764328www.ncc-riyadh.com.saMr. Abdullah M. Mohanna
Royal Commission for Jubail & YanbuP.O. Box 5964Riyadh 11432Kingdom of Saudi Arabiat + 966 1 4746691f + 966 1 4793471www.rcjy.gov.saMr. Mubarak A. Al-Mubarak
Sabic Terminal Services Co. (SABTANK)P.O. Box 10135Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3579000f + 966 3 3575406www.sabic.comMr. Yousef A. Al-Mubarrazi
Saudi Hollandi BankP.O. Box 1467Riyadh 11431Kingdom of Saudi Arabiat + 966 1 4067888f + 966 1 4068667www.shb.com.saMr. Ed Mendoza
Saudi Industrial Export Company (SIEC)P.O. Box 21977Riyadh 11485Kingdom of Saudi Arabiat + 966 1 4058080f + 966 1 4022854www.siec.com.saMr. Abdullah M. Al-Khenaifer
The National Environmental Preservation Co. (BeeAh)P.O. Box 10628Jubail Industrial City 31961Kingdom of Saudi Arabiat + 966 3 3588008f + 966 3 3588584www.beeah.comMr. Saad I. Al-Inaizi
KuwaitBoubyan Petrochemical CompanyAl-Sharq, Khalijiya Building5th & 6th Floor2383 Safat13024 Kuwaitt + 965 2244 6684/5/6f + 965 2241 4100www.boubyan.comMohammed Al-BaharDabbous Al-Dabbous
Ikarus Petroleum IndustriesP.O. Box 551Yarmouk 72656Kuwaitt + 965 2496 5885f + 965 2496 5886Mr. Suhail Abograis
Kuwait National Petroleum Co.P.O. Box 13001Mina Abdulla RefinerySafatKuwaitt + 965 2320 3200f + 965 2328 0282www.knpc.comMr. Abdul Mohsen Khajah
Qurain Petrochemical Industries CompanyP.O. Box 29299SabahayaSafat 13153Kuwaitt + 965 2321 1900f + 965 2362 7288www.qpic-kw.comMr. Fuad Akbar
PakistanInternational Chemplast (Pvt) LimitedSuite #509Progressive PlazaBeaumont RoadKarachi 75530Pakistant + 92 21 111325325f + 92 21 5656591www.icplpk.comMr. Arshad Riaz Fazail
QatarGulf Organization for Industrial Consulting (GOIC)P.O. Box 5114DohaQatart + 974 4858888f + 974 4831465www.goic.org.qaH.E Dr. Lulwa Al-Misned
Qatar Industrial Manufacturing Company (QIMC)P.O. Box 16875Al Corniche StreetWest BayDohaQatart + 974 4831199f + 974 4837878www.qimc.com.qaMr. AbdulRahman Al-AnsariDr. Hazim Al-Kadi
48associate members list
Total PetrochemicalsP.O. Box 5177DohaQatart + 974 4208360f + 974 4980794www.totalpetrochemicals.comMr. Bryan Canfield
SingaporeBraemar Quincannon Pte. Limited50 Raffles Place# 21-04 Singapore Land TowerPost Code 048623Singaporet + 65 653 30069f + 65 653 63459www.braemarseascope.com Mr. Mark Mirosevic-Sorgo
Eitzen Gas A/SOne Temasek Avenue#35-05 Millenia TowerSingaporet + 65 632 55777f + 65 633 72526www.eitzen-gas.comMr. Jakob Bode
South KoreaSamsung Engineering Co. Ltd.Samsung SEI Tower 467-14Dogok-Zdong, Gangnam - GuSeoul 135-856South Koreat + 822 34583323f + 822 34584051www.samsungengineering.co.krMr. Namyong Hur
SwitzerlandNova ChemicalsAvenue De La Gare 14FribourgZIP 1700Switzerlandt + 41 26 426 5757f + 41 26 426 5770www.novachem.comMr. Rocky Vermani
Songwon InternationalBreitenstrasse16/P.O. Box CH-8501TravenfeldSwitzerlandt + 41 52 635 0000f + 41 52 635 0001www.songwonind.comMr. Dieter Morath
The NetherlandsLyondellBasell Industries Groot HandelsgebouwWeena 7373013 AM RotterdamThe Netherlandst + 31 10 7136010 f + 31 10 7136400 www.basell.comMr. R.W.B. Blaisse
TurkeyBayegan Dis Ticaret ASBayar Cad. Sitma Pinar sok.No: 3, Kat: 5 KozyatagiIstanbul 34742Turkeyt + 902 164100000f + 902 163738519www.bayegan.netMr. Ruya Bayegan
Chemorbis19 Mayis MahallesiAtaturk CaddesiSeref Yazgan Is MerkeziNo: 72, Kat: 6D: 16 KozyatagiIstanbul 34736Turkeyt + 902 164681025f + 902 163605788www.chemorbis.comMr. Mirza Kadic
United Arab EmiratesAbu Dhabi Basic Industries Corporation (ADBIC)P.O. Box 7063Abu DhabiUnited Arab Emiratest + 971 2 698 8444f + 971 2 678 9990www.adbic.comMr. Brendan Sharpe
Abu Dhabi Oil Refining Co. (TAKREER)P.O. Box 3593Abu DhabiUnited Arab Emiratest + 971 2 602 7040f + 971 2 602 7050www.takreer.com/englishMr. Ismail Al Mulla
Abu Dhabi Ports Company (ADPC) P.O. Box 54477Port Zayed, Mina RoadAbu DhabiUnited Arab Emiratest + 971 2 695 2060f + 971 2 695 2177www.adpc.aeMr. Antoine Tayyar
Agility PJSCP.O. Box 93971MW Plot 4, Queenex BuildingMusaffah Industrial AreaAbu DhabiUnited Arab Emiratest + 971 2 509 9599f + 971 2 551 4833www.agilitylogistics.comMr. Houssam Mahmoud
BorealisP.O. Box 48313C2 Tower, 16th FloorAl Bateen AreaAbu DhabiUnited Arab Emiratest + 971 2 412 3502f + 971 2 635 9262 www.borealisgroup.comMr. Henry Sperle
annual 49report 2009
associate members list
Chemical Market Associates Inc. (CMAI)P.O. Box 500395DubaiUnited Arab Emiratest + 971 4 391 2931f + 971 4 391 6476www.cmaiglobal.comMr. Anthony James Potter
Contax Fz LLCP.O. Box 500104G11G13, Bldg. 11, DICDubaiUnited Arab Emiratest + 971 4 391 0547f + 971 4 391 0545www.contaxgroup.comMs. Kathleen Bury
DMCCP.O. Box 48800Level 19, Emirates TowersSh. Zayed RoadDubaiUnited Arab Emiratest + 971 4 390 3899f + 971 4 390 3897www.dmcc.aeMr. James Bernard
Dow Chemicals IMEA GmbHLevel 22, Al Attar Business TowerSheikh Zayed RoadDubaiUnited Arab Emiratest + 971 4 312 3699f + 971 4 312 3660www.dow.comMr. Hani Wassim
Evonik Degusa Gulf FZEP.O. Box 293594DubaiUnited Arab Emiratest + 971 4 204 5580f + 971 4 204 5578www.evonik.comMr. Lars Bechler
Gulf Navigation Holding PJSCP.O. Box 49651Saba Tower 1, 32nd FloorDubaiUnited Arab Emiratest + 971 4 427 0104f + 971 4 427 0102www.gulfnav.comMr Abdullah Al ShuraimMr Per Wistoft
International Expo-Consults L.L.C.P.O. Box 50006Shk. Zayed RoadDubaiUnited Arab Emiratest + 971 4 343 5777f + 971 4 343 6115www.chemtexmiddleeast.comMs. Angie Mountford
Kemsol Ltd.P.O. Box 18295DubaiUnited Arab Emiratest + 971 4 883 9800f + 971 4 883 9910www.kemsoluae.comMr. Asit Gunwantlal Shah
Llyods Register EMEAP.O. Box 29677Suite 2001, Festival CentreDubai Festival CityDubaiUnited Arab Emiratest + 971 4 701 4100f + 971 4 701 4119www.lr.comMr. Nick Nooren
Maersk LineP.O. Box 29854Ground Floor Shipping TowerAl Mina RoadDubaiUnited Arab Emiratest + 971 4 508 6207f + 971 4 392 0155www.maersk-logistics.comMr. Anthony Elwine
Malaney Industries FZEP.O. Box 418782 F 38A, LOB 2Hamriyah Free ZoneSharjahUnited Arab Emiratest + 971 6 526 3840f + 971 6 526 3841www.malaney.comMr. A. S. Poojary
Masdar-Abu Dhabi Future Energy CoP.O. Box 54115Abu DhabiUnited Arab Emiratest + 971 2 653 3333f + 971 2 653 5002www.masdar.aeMs. Ghada Ayyash
MEGlobal International FZEPost Box 293615Building 5W-B-Wing, 6th FloorDubai Airport Free Zone Authority DubaiUnited Arab Emiratest + 971 4 292 3999f + 971 4 292 3911/12www.meglobal.bizDr. Ramesh Ramachandran
Methanex Middle EastP.O. Box 450334Fortune Tower, Office 205Jumeirah Lakes TowersDubaiUnited Arab Emiratest + 971 4 438 0299 f + 971 4 438 0240www.methanex.comMr. Bryan Saunders
NCC Odfjell Chemical Tankers JLTP.O. Box 214459Liwa Heights, 31013104Jumeirah Lakes TowersDubaiUnited Arab Emiratest + 971 4 440 1713www.odfjell.comMr. Erik Nilsen
50associate members list
Petrochem Middle EastP.O. Box 239101603 City Tower IISh. Zayed RoadDubaiUnited Arab Emiratest + 971 4 332 9192f + 971 4 332 9200www.petrocheme.comMr. Yogesh Mehta
Polychem Resins International Industries LLCP.O. Box 37029Jebel Ali Industrial AreaDubaiUnited Arab Emiratest + 971 4 880 1662f + 971 4 880 1866www.polycheminternational.comMr. C.S. Chatterjee
Purvin & Gertz IncP.O. Box 345009Dubai International Academic CityBuilding 10, 3rd FloorDubaiUnited Arab Emiratest + 971 4 437 0388/9f + 971 4 437 0390www.purvingertz.comMr. Michael Corke
Rakha Al Khaleej Intl. LLCP.O. Box 55157DubaiUnited Arab Emirates