Chief Executive of the Bahrain Petroleum Company (Bapco), Johhan Lubbe, recently announced that Bapco is planning to invest $660 million in a new diesel manufacturing facility project. In addition to constructing a new production system, it will improve its existing one to produce higher quality diesel, according to KSAToday daily.
Recently, a $19.5 million liquid gas compressor was constructed as part of the company’s $900 million (BD340 million) expansion program, which includes a $65 million oil-mixing pipeline.
The project is expected to be completed by 2004, while the funding will be provided by the end of the current year, according to company representatives. Discussions are currently underway between Bapco officials and 15 local and foreign banks regarding the financing.
Bapco was established in 1929 by a joint venture of Standard Oil Of California (Chevron) and what is today Texaco. In 1997, the Bahraini government assumed total ownership of the business. The refinery's current capacity surpasses 250,000 barrels per day, supplying a wide variety of petroleum related products for local and export markets. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
