India, as the world’s fourth largest refiner, and Bahrain, which is upgrading its Sitra refinery, were identified as having significant mutual opportunities in the oil and gas sector during key meetings on the sidelines of World Economic Forum’s 2024 annual meeting in Davos.

Posting on social media platform X, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri yesterday said he met Bahrain Economic Development Board adviser Iain Lindsay and Bapco Energies group chief executive Mark Thomas.

“We also discussed how with India’s investment opportunity in the refinery cum petrochemical sector as well as 2G/3G biofuels refineries, companies from both sides can fruitfully engage in this sector,” he added.

India has current refining capacity of 254 million metric tonnes per annum.

Set to go onstream this year, Bapco’s modernised refinery will have an increased refining capacity from 267,000 to 380,000 barrels per day (bpd).

It will also produce higher-value products such as petrol, diesel and jet fuel, reduce the refinery’s environmental footprint and make Bapco a more competitive player in the global refining market.

The two sides discussed potential joint ventures, investments and trade agreements.

Speaking during a panel discussion within WEF 2024, Mr Puri said energy and geopolitics have become increasingly interlinked.

“Countries are openly competing to diversify their global energy supplies, including oil, gas and clean energy solutions, while enhancing the resilience of their energy supply chains, both geographically and for critical minerals.”

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