We discuss the role of the conservation laws related with U(1) internal symmetry group in the statistical model description of particle productions in ultrarelativistic heavy ion collisions. We derive and show the differences in particle multiplicities in the canonical and the grand canonical formulation of quantum number conservation. The time evolution and the approach to chemical equilibrium in the above ensembles is discussed in terms of kinetic master equation. The application of the statistical model to the description of (multi)strange particle yields at GSI/SIS and the SPS energies is also presented. ©2001 American Institute of Physics.