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GPCA Annual Report 2009

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  • annualreport 2009

    2

    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.

    transformingfor growth

  • 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

    contents

  • annualreport 2009

    4

    To support the growth and sustainable development

    of the petrochemical and chemical industries in the

    Gulf in partnership with our members and other

    stakeholders

    ourmission

  • 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

    ourobjectives

  • 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

    third quarter.

    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

    annualreport 2009

    6

    year inreview

  • 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

    countries.

    Despite a difficult global

    environment the drive

    to increase capacity in

    the Middle East has

    continued unabated.

    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

    performance;

    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:

    Compliance assurance

    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

    annualreport 2009

    8

    adoptingResponsible Care

  • 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

    manner.

    The GPCA adopted

    Responsible Care in

    2009, bringing an

    important initiative to

    the Gulf region.

    annual 9report 2009

    adopting Responsible Care

  • annualreport 2009

    10

    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

    added services.

    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

    GPCA Chairman

    From strength

    to strength on a

    number of fronts

  • annualreport 2009

    12

    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

    meetings.

    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

    organisations.

    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

    restricted.

  • 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

    annualreport 2009

    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

    favourable attitude

    to Plastics. However

    GPCA is working to

    improve litter and

    waste management

    issues.

    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

    annualreport 2009

    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.

    Representatives

    attended international

    meetings to raise the

    GPCA profile and

    enhance relationships.

    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.

    annualreport 2009

    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.

    Principal activities

    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.

    Results

    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).

    Auditors

    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

    financial statements

  • annualreport 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.

    Auditors responsibility

    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.

    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

    Standards.

    Ernst & Young

    28 February 2010

    Dubai

  • 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 __________ __________

    annualreport 2009

    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 __________ __________

    annualreport 2009

    24report on the financial statements

    Statement of cash flowsYear ended 31 December 2009

  • 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 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:

    IAS1PresentationofFinancialStatementseffective1January2009

    ImprovementstoIFRSs(May2008andApril2009)

    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

    report on the financial statements

    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.

    annualreport 2009

    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.

    Revenue recognition

    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.

    annual 27report 2009

    report on the financial statements

  • 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.

    annualreport 2009

    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

    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

    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

    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

    annual 29report 2009

    report on the financial statements

  • 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 currencies

    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 _________ _________

    annualreport 2009

    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 ________ ________ ________ ________

    annual 31report 2009

    report on the financial statements

  • 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.

    annualreport 2009

    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 _________ _________

    annual 33report 2009

    report on the financial statements

  • 12 Risk management

    Interest rate risk

    The Association is not exposed to any significant interest rate risk on its interest bearing assets and liabilities.

    Credit risk

    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.

    liquidity risk

    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.

    annualreport 2009

    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 ________ ________ ________ ________ ________

    Currency risk

    The Association is not exposed to significant currency risk.

    Capital management

    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.

    annual 35report 2009

    report on the financial statements

  • annualreport 2009

    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

    membershipstatistics

    global membership

    Africa 1 0.74%

    Americas 7 5.18%

    Europe 16 11.85%

    Asia 12 8.88%

    Gulf Region 99 73.33%

    regional membership

    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%

  • annualreport 2009

    38

    GPCAorganisation

    GPCA organisation is made of the following

    principal structures:

    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

    Associate Members

    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

    General Assembly.

    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

    Meeting

    Approve new application for GPCA

    Membership

    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

    Association.

  • annual 39report 2009

    GPCA organisation

    General Assembly

    Board of Directors

    Secretary General

    Executive Committee

    Executive Secretary

    Working Committees

    Human Resources

    Responsible Care

    Supply Chain

    Plastics

    Advocacy

    Fertilisers

    Administration & Finance

    Communication & Marketing

    Committees & Global Affairs

    Member Relations

    Research & Studies

    Convention Services

    Secretary General

    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

    Association.

    The Secretary General shall participate in the

    meetings of the General Assembly, the Board and

    the Executive Committee without voting rights.

    Executive Committee

    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.

  • annualreport 2009

    40

    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

  • annualreport 2009

    42

    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

  • annualreport 2009

    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

    associate

    as of March 2010

    members

  • annualreport 2009

    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

  • annualreport 2009

    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

  • annualreport 2009

    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