Bahrain Petroleum Company (BAPCO) announced that it has reached the financial close of its multi-billion dollar modernisation programme, which is expected to boost refining capacity to 380,000 barrels per day (bpd), up from 267,000bpd.
“We achieved this by assembling a strong team that worked tirelessly to secure a positive result,” said Bahrain’s oil minister Sheikh Mohammed Khalifa Al Khalifa. BAPCO claims this modernisation programme will help enhance its product slate and energy efficiency, improving its competitiveness in the market.
“Given the size and scale of the BMP, this is a mutually beneficial conclusion for a wide variety of partners from across the globe because it means we can provide a wider product offering and meet higher demand from our customers,” he added.
BAPCO used five export credit agencies and 21 commercial banks to finance the programme, which senior officials say can now move on to its next stage. The modernisation programme is set to finish by 2022.
“Overall, this milestone not only reinforces our ability to secure funding for megaprojects in Bahrain, but also confirms that the kingdom is an attractive destination for international and regional funding,” Al Khalifa said.
