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FINANCIAL NEWS
Bahrain-Saudi Arabia to set up new USD350m oil pipeline
20 Mar 2013
(MENAFN) Bahrain Petroleum Company’s (Bapco) public relations manager, Naji Ahmed, stated that the firm will build a USD350 million oil pipeline to connect its refinery in Bahrain with the Saudi Eastern Province, reported Arab News.
Ahmed added that the new pipeline will have the capacity to handle 450,000 barrels per day of oil, up from 260,000 bpd achieved before the beginning of the expansion.
He added that Saudi Aramco pumps 250,000 bpd of crude oil to Bapco under a deal inked between the two firms previously; however, the amount would be raised after boosting the capacity of the pipeline and the refinery.
He noted that several expansion works have been carried out on Sitra refinery to raise its refining capabilities, and the route had to be adjusted due to the housing expansion in the area.
It is worth noting that the new expansion is slated for completion in 2 years.
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25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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