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FINANCIAL NEWS
Bahrain’s oil projects not affected on falling prices
22 Dec 2014
(MENAFN) Bahrain’s Energy Ministry said that the country’s plans to develop its oil and gas infrastructure, including an import terminal for natural gas and expansion of a major pipeline and refinery, are not going to be affected by the fall in oil prices, Gulf Daily News reported.
Bahrain, which rating was downgraded by Fitch Ratings to negative due to the country’s challenging fiscal situation, insisted that the implementation of its projects will not be impacted by the fall in oil prices, which began in June and led oil to lose almost 50 percent of its value.
Among the projects that the country is planning is a floating platform to import liquefied natural gas, which will give the kingdom gas to fuel its industrial expansion, with the project scheduled to be ready during the second half of 2017, while other projects planned include the USD5 billion Bapco refinery upgrade and expansion, as well as a new crude pipeline between Bahrain and Saudi Arabia.
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