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FINANCIAL NEWS
Bahrain’s Bapco plans $5b investment
26 Oct 2010
(MENAFN) Bahraini Oil and Gas Affairs Minister Dr Abdulhussain Mirza said that more than $5 billion has been earmarked for new projects at Bapco’s refinery, Gulf Daily News reported.
The plan is to focus on the production of high value products and minimizing low value products, said Mirza, adding that it also includes processing an increased amount of crude oil imported from Saudi Arabia to 350,000 barrels per day (bpd) as opposed to the current 230,000 bpd.
Dr Mirza, who is also National Oil and Gas Authority (Noga) chairman, was speaking at the opening of a conference entitled Improving Oil at the Movenpick Hotel, Muharraq.
He said a Bahrain Refinery Modernisation Projects was ongoing and had resulted in several new facilities and infrastructure development.
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