Manama: Bapco has secured funds for its ambitious refinery modernisation programme.

Oil Minister and Bapco chairman Shaikh Mohammed bin Khalifa Al Khalifa said it marked a major achievement for the biggest industrial project in the history of modern Bahrain.

“This is a major achievement for such a complex project with the largest investment in Bahrain’s history,” he said.

The foundation stone for the project was laid by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa in the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, on March 5.

Estimated to cost $4.2 billion, the project will increase the refinery’s capacity to 380,000 barrels per day.

The Oil Minister hailed Bapco’s dedicated staff with “whose efforts the company has managed to close the financing in a reasonable amount of time”.

“The refinery is expected to become one of the most advanced ones in the region within four years,” he said, adding that it will contribute to national economic growth and provide job opportunities for young Bahrainis.

The GDN had earlier reported that Bapco’s upgrade and expansion is set to create more than 1,500 new jobs during construction and 150 permanent high-skill jobs. The project is expected to be completed in 2022.

“In view of the current critical situation facing the region, contingency plans have been drawn up to confront disasters so as to continue work under any circumstances,” the minister said, according to our sister paper Akhbar Al Khaleej.

© Copyright 2019 www.gdnonline.com

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.