The Gulf Petrochemicals Industries Co (GPIC) has announced record net profits for 2008.

In an announcement to shareholders, the Bahraini state firm's chairman Shaikh Isa bin Ali Al Khalifa said the company had generated $301 million (£206 million) in profits for the year ending December 31st.

He added that the company had also enhanced production at improved efficiency levels while maintaining the highest standards of safety and security through the provision of staff training.

The company has a strong commitment to increasing the skills of the national workforce to allow them to benefit from employment in the oil and gas industry, Mr Khalifa insisted.

The record profits achieved by GPIC were attributed in part to a step change in the operational efficiency of its production line, while the soaring oil and gas prices witnessed in the first half of 2008 also brought a boost in revenues from international markets.

Last year, crude oil prices peaked at $147 a barrel on July 11th.

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